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Performance of the Microfinance Sector
88. The Bank is targeting to go live soon after the second User Acceptance
Testing when the vendor has considered stakeholder input on system functionalities during the first quarter of 2022.
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Performance of the Microfinance Sector
89. The microfinance industry continued to register resilience and growth in key performance indicators following the relaxation of Covid-19 relatedrestrictions on the economy. The number of active clients accessing loans through microfinance institutions increased by 10.66% from 288 561 as at 31 December 2020, to 307 673 as at 31 December 2021. The industry also recorded an increase in the number of women accessing loans during the year from 116 043 to 146 253 as at 31 December 2021. The value of loans to female borrowers, over the same period increased by 241.10% from $673.22 million to $2.30 billion as at 31 December 2021.
Microfinance Sector Capitalisation
90. During the year ended 31 December 2021, deposit taking microfinance institutions have been implementing various initiatives aimed at strengthening their capital levels and conform to the new minimum capital requirement of US$5 million which was effective 31 December 2021.
Institutions have made varying progress towards compliance as shown in the
Table 5:
