More than a year since discussions resumed between the Government and the microcredit sector on provisions for legislation to regularise the microfinancing institutions (MFIs), the parties are still worlds apart in terms of reaching an agreement.

Minister of Finance and the Public Service Dr Nigel Clarke met with the bodies representing the microlenders in June, 2019 to straighten out the ruffles created by the latest Bill tabled by the present Administration. But, as was the case with an earlier Bill proposed by the previous Administration, the legislation is still idle.

Although there has not been much public uproar over the delays, which have lasted for at least a decade, the failure of successive governments to pass a Bill, which will not just regulate the microlending sector, but remove the tag of “predator”, which has affected their credibility since their inception, has been one of the main issues affecting the discussions.

http://www.jamaicaobserver.com/news/microfinanciers-want-meeting-with-finance-minister_196240