Member's Area
Indian Ocean Rim Association
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Recommendations

Recommendations of the Workshop

Member States should be encouraged to enhance the synergies among all the stakeholders to combat poverty in the region and to consider the need for an appropriate National Policy on financial inclusion.

Member States are requested to provide relevant information/data on the following recommendations.

Discussion Session 1:  The Inherent Synergy between Microfinance and Development in Member States

Recommendations:

(a)     Member countries were encouraged to enhance Government interventions to promote microfinance and financial inclusion programmes.
(b)     IORA Member States were encouraged to survey research carried out on impact of microfinance on development in the last five years.
(c)     The IORA Secretariat would assist in compiling the best practices in microfinance as a reference for Member States. 
(d)     Bangladesh, India, Indonesia and Australia were encouraged to develop Capacity Building Programmes for the IORA Member States.
(e)     The IORA Secretariat to compile a directory of regulatory frameworks for Microfinance Service Providers in IORA Member States.
(f)      Member States were encouraged to develop an appropriate public policy environment for the development of microfinance.(g)     Member States were encouraged to regularly exchange information on successful Microfinance Models in the form of video documentaries, journals, publications, etc.
(h)     Member States were encouraged to increase the exchange of Microfinance experts and practitioners, through exposure of visits, and through consultancies in an effort to develop microfinance in the IORA region.

Discussion Session 2: From Disbursement Based Financing to Integrated Development Financing

Recommendations:

(a)     Member States were recommended to promote ICT through workshop/ seminars for better management,  monitoring and delivery of services.
(b)     Member States were  encouraged to examine whether remittances to their country are being affected  by the closure of bank accounts operated by non-bank money transfer operators  and if so would they wish to participate in the survey being conducted by G20.
(c)     IORA  Secretariat would assist Member States to develop a skilled workforce through  vocational training programmes to support microfinance services.
(d)     IORA Secretariat, with assistance from Member States, recommended the establishment of a database on Microfinance in the region.

Discussion Session 3: Microfinance for Inclusive Growth and Poverty Alleviation

Recommendations:

(a)    MFIs in Member States were encouraged to provide both financial and non-financial services for the poor including women.(b)    Member States were recommended to exchange appropriate methodology for microfinance development.
(c)    Member States, with the assistance of the IORA Secretariat, were encouraged to facilitate an assessment and gap analysis on the status of access to finance in their countries.
(d)    Member States were encouraged to build capacities for women`s empowerment in microfinance.
(e)     The IORA Secretariat was requested to assist Member States in organising special training programmes that would elaborate on policies and strategies with the aim to reduce poverty among women through microfinance.

Discussion Session 4: Financing for Enterprise Development: policy frameworks, institutional structures, and monitoring mechanisms

Recommendations:

(a)    Member States were encouraged to explore possibilities to develop microfinance through socio-cultural peer groups.
(b)    Dialogue Partners of IORA were encouraged to support IORA programmes related to poverty reduction.
(c)    Conventional Banks in Member States were encouraged to explore ways to play a greater role in the development of  microfinance programmes
(d)    Member States should be encouraged to combine Microenterprise lending with non-financial services through the adoption of value chain interventions.