Business Report :
Loan disbursement by microfinance institutions (MFIs) as well as the number of microcredit beneficiaries increased substantially across the country amid suitable policy and easy access to loans, according to a report.
Although the rate of interest is higher than that of other credits, microcredit disbursements by the registered MFIs increased nearly 30% to Tk249,302 crore at the end of June 2023 from Tk191,883 crore at the end of June 2022.
The total amount of loan recipients also rose to 31.53 million in June 2023 from 29.74 million in June 2022, according to the latest data released by the microcredit regulator.
Some 724 MFIs have been registered with Microcredit Regulatory Authority (MRA) as of June 03, 2024.
The data also showed that the total number of beneficiaries of MFIs increased to 40.86 million at the end of June 2023 from 38.26 million a year back.
The number of MFI branches increased to 25,336 as of June 2023 from 23,343 a year earlier.
On the other hand, the number of MFIs employees also reduced to 206,000 in June 2023 from 207,000 in June 2022.
Currently, a good number of small entrepreneurs are making different products and delivering services with financial support from the MFIs. These products are exported after meeting local demand, according to sources.