YMN holds its General Assembly meeting

April 1, 2019

The 6th Annual Microfinance Meeting

YMN organized the 6th Annual Microfinance Meeting on the 2nd of April 2019.

In the opening statement YMN Chairman Mr.Refat Al-Mammari welcomed the guests and thanked the Social Fund for Development for the support as the main donor and sponsor of the microfinance industry in Yemen.

Mr. Refat stated that the role of the SFD is essential in the continuity and progress of the Microfinance institutions and the entrepreneurs across Yemen.

During the meeting Mr. Osama Al-Shami Head of the SMED Unit at SFD described the difficulties facing the MF industry and the progress that is happening slowly due to the impact of the current war and how the sector was growing in the years prior to 2011. Mr. Al-Shami indicated that the industry was able to restore its progress up to 2014 but was forced to decline from 2015 due to the war and its devastating impact on the Microfinance projects and businesses.

Mr.Al-Shami stressed on the importance of Rural Microfinance and its role in achieving food security and how it had a positive impact on the productivity of farmers and beneficiaries.

In addition there is motion in commercial banks to open microfinance units as part of their operations and there will be great development in the industry in the upcoming period Mr. Al-Shami also stated.

Mr. Al-Shami praised the support provided by donors and how this support should go in line with the MFIs plans and strategies.

“The SMED unit is planning to implement the Entrepreneur project in which there should be a product for every household , then a product for every town and city and onwards till we reach 100 products across the country” Mr. Al-Shami announced.

On the other hand the representative of the Ministry of Social Affairs and Labor Mr.Abdulkader Al-Halili stated in his speech to the gathering that YMN was able to become a leading and credible organization in terms of its compliance to the laws and regulations for the elections of its board of directors and organizing its General Assembly meeting as scheduled.

This compliance and effort is key in the continued success and resilience YMN is maintaining in the current environment and assured the support of the Ministry for YMN.

The Managing Director of YMN Ali Abutaleb displayed the efforts of YMN in the recovery of the microfinance sector and assisting in overcoming the obstacles and challenges facing the sector in the current situation.

The YECRP project implemented by YMN with the support of the SFD was crucial in restoring hope for the entrepreneurs and microfinance business owners.

During the meeting the Mobile Banking study was presented together with the presentation on the progress of the YECRP microfinance clients support project.

 

In the closing of the meeting the winner of the Annual member award was announced and for the 2nd year the Union Microfinance Program – Abyan was the winner of this year’s award.  The annual meeting was concluded with the thanking and presenting of certificates to YMN previous Board of Directors and Inspection Committee for their role in the years 2016 – 2019.

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