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Home / Publications / E-Bulletin / 2008 |
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E-Bulletin, August - September 2008
 E-Bulletin, August - September 2008 — Download >
(GIF, 242 КБ)
Results and Perspectives of NAMMS Performance
On 4 September 2008 the meeting of the National Association of Microfinance Market Stakeholders (NAMMS) Vice presidents was held in Moscow where the subtotal of NAMMS performance and its plans till the end of 2008 were discussed. The meeting resulted in a decision to send to the RF Central Bank (Bank of Russia) a letter expressing negative position of the microfinance community on the issue of strengthening the requirements to the quality of information to refer a group of loans (credits) to the homogeneous loans which were introduced by the last modifications to the provision of Bank of Russia No 254-P as well as by the RF Central Bank’s letter.
It is impossible for micro and small enterprises applying simplified taxation system or unified tax on imputed income to provide only official reports to the clients to take credit decisions. In this connection a possibility of shutting down microfinance programs in banks and other credit organizations is rather high.
It was also decided to create a NAMMS working group to complete and approve at the state and social structures, and microfinance community a draft law about modifying the Federal law «About organization of the insurance industry in the Russian Federation». It is aimed to take into account the special features of the legal situation, ownership structure, and peculiarities of the societies of mutual insurance performance as non-commercial member organizations. Besides, it was decided to continue the draft federal laws development «Of credit cooperation» and to modify the Federal law «Of credit consumer cooperatives of citizens» in order to approve their texts, exclude collisions and maximally take into account the opinions of credit cooperatives, their associations, and microfinance community.
The meeting participants decided to continue the work on adjusting the Concept of the federal law “Of microfinance organizations” aimed at maximal scale of needs of the microfinance market participants, suppression of unwarranted restrictions of their performance; to offer to discuss the full text of the Concept after the approval at the meeting of the Government Commission on SME Development of the main principles and restrictions of microfinance performance as an insurance in case undesirable changes of the base provisions would follow.
In addition, it was decided to support the NAMMS initiative to develop and widely discuss the NAMMS program document – «Conception of building an all-inclusive financial system to raise the availability of retail financial services by 2012», based on the development of mechanisms of effective combination and complementarity of various institutions and technologies on financial market aimed at maximally broad and full population coverage with all types of financial-credit services. For Highly Transparent Performance, ‘For Major Social Contribution to the Development of Microfinance’ The expenses for the transfer are made by the customer. Based on the received registration forms.
To download the report of the NAMMS performance, working plan and meeting of NAMMS Vice presidents No 2 report, please follow this link to the RMC website: http://www.rmcenter.ru/naumir/Itogi2008.php.
Draft Law «Of Credit Cooperation»
Central Legal Administration of the President of the Russian Federation agreed on the whole about the draft law «Of Credit Cooperation» text prepared for the second reading in cooperation with the RF Ministry of Economic Development, and the working group of the National Association of Microfinance Market Stakeholders (NAMMS). This text was prepared taking into account the opinions of the market participants expressed on 7 May 2008 in Kislovodsk and electronic voting at the website www.credit-union.ru. The draft law is planned to be considered by the RF State Duma during the second reading in November 2008, simultaneously with the new version of the draft law «Of Credit Consumer Cooperation of Citizens».
Fourth Annual Competition Citi Russia Micro-Enterprise Awards
RMC and the Citi Foundation invite applications to compete in the fourth-annual Citi Russia Micro-Enterprise Awards, supported by the Citi Foundation. The aim of the competition is to encourage successful micro-entrepreneurs, give an extra boost to the most effective organizations engaged in micro-finance activities in any of the Russian regions, and to raise awareness about micro-financing on the part of both government agencies and the general public.
According to RMC, the market for micro-finance services swelled fourfold between 2003 and 2007; micro-finance loans are currently issued worth more than $ 900 million, while $600 million of private savings have been attracted, and the client base totals around 650,000 customers. Last year, the Citi Foundation increased the Platinum Award to 100,000 rubles, while the total volume of the awards fund was brought to twice the size of the previous year’s fund. More than 150 nominees from 45 of the Russian regions took part in the competition in 2007. These were entrepreneurs who used micro-loans to create their own, socially-significant, businesses. The overall success of the competition in 2005-2007 showed that micro-financing has colossal potential for development and public recognition.
In additional to the now-traditional awards for ‘Best Micro-Enterprise Employer, 2008’ and ‘Best Individual Entrepreneur, 2008’, winners of new awards will also be announced this year: ‘For Highly Transparent Performance’, ‘For Major Social Contribution to the Development of Microfinance’, ‘Best Representative of Businesswomen in Russian Microfinance, 2008’.
The competition organizers this year will be the National Partnership of Microfinance Market Stakeholders (NAMMS) and the National Microfinance Center, with financial support from the Citi Foundation. The competition will be held with support from the RF Trade and Industry Chamber, and information support from the Expert Council on Microfinance and Funding for Small Business, attached to the RF Ministry for Economic Development. The competition is supported by Russia’s Federal Council and the State Duma.
Applications for participation in the competition can be sent between September 22 and November 22, 2008, and the awards presentation ceremony will take place in Moscow on December 10, 2008.
To learn more about the Contest and how to participate, please follow this link to the RMC website: http://www.rmcenter.ru or contact Anastasia Podborskaya at konkurs@rmcenter.ru.
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