Yemen Microfinance Network organized the Fifth Annual Microfinance Meeting in Yemen gathering all MFIs, programs and banks from different governorates.
During the meeting, the head SMEs Unit at the Social Fund for Development Osama Al Shami highlighted the challenges facing MF sector since 2016 until today. He pointed out that the sector has been able to realize significant achievements compared to 1998, including drafting MF law, strategy and financial literacy. As a result, the total beneficiaries of Microfinance services reached 250,000 clients.
Mr. Al Shami went on saying that launching the Loan Guarantee Program constituted an important step that will strengthen the microfinance sector and will play a pivotal role in restoring microfinance and lending activities, especially amid mounting challenges triggered by the ongoing crisis.
Meanwhile, Al Shami praised the resilience displayed by many financial institutions saying that notwithstanding the difficult circumstances, some MFIs have been able to grant over 500 loans a month.
Furthermore , the Chairman of YMN Dr. Hamid Al Amrani welcomed the guests who represented f MF institutions, banks and programs in Yemen and other stakeholders. During his speech he stated that the meeting is to discuss the status quo of microfinance industry in Yemen in addition to the projects implemented by YMN such as the “Impact of the war” study , “Maximizing Opportunities for Rural Entrepreneurs in Yemen” project as well as the MF Clients Compensation project.
At the end of the meeting, the “Member of the Year Award” winner was announced. The Head of SMEs Unit at the Social Fund for Development Osama Al Shami together with the Chairman of YMN Hamid Al Amrani and the Managing Director of YMN presented the award to the winner “Union MF Program – Abyan”.