The Institutions of Microfinances are expecting to file an amendment of the Law No. 769, of Regulation and Promotion of the Microfinances, which will allow them to accept deposits from the public and increase its financing availability.
For several months, officials from the Nicaraguan Association of Microfinance Institutions (ASOMIF, by its Spanish acronym) together with the National Commission of Microfinance (CONAMI, by its Spanish acronym), are working on an amendment proposal to Law No. 769, which will be filed in the National Congress before midyear, with the purpose of authorizing these institutions to accept deposits from the public, even if it is just those coming from its clients savings.
The sector expects that this amendment will give the opportunity that at least the larger institutions and the ones with the systems and conditions established by the regulatory entity, may receive deposits from the public.
ASOMIF concludes that if the amendment is approved, the institutions have calculated that they might gather between twenty and thirty million dollars, in addition of the available funds to grant credit facilities to the public. For this year 2016, such institution is projecting about 340 million dollars in available funds, which will be distributed among the more than five hundred thousand clients this sector covers.