1. Private Sector Federation PRIVATE SECTOR FEDERATION Legal reforms to MF sector By JMV NZAGAHIMANA Chairman of Association of Microfinance Institutions in Rwanda

2. Private Sector Federation AMIR Background AMIR is the Rwanda National Association of Microfinance institutions representing microfinance sector AMIR’s vision is to become a strong and efficient organization that contributes to the development of the micro finance industry through the promotion of transparent management system in MFIs, innovative and market led financial services and products.

3. Private Sector Federation Positive Impact of Law Reforms on MFIs/SACCOs The microfinance law N°40/2008 of 26/08/2008 that established and regulates microfinance activities has had a positive impact on the development of microfinance sector in Rwanda. Microfinance law is inclusive and easy to comply with especially in application for establishing the microfinance activities. The law has provided with the incentive opportunities for microfinance institutions that wants to diversify their markets and products to rural areas.

4. Private Sector Federation Difficulties on Microfinance and Cooperative Laws Legal clauses of 4-7 of the Law on MFIs should be modified to allow for expansion of the SACCOs top open branches outside their territorial delimitation of their principal operations. Role and responsibilities of Sacco Unions are not properly defined in Microfinance law. This needs to be included thoroughly.

5. Private Sector Federation Difficulties with Registration of Securities Services of the registrar General to register securities may be decentralised to districts by either establishing separate offices or delegating her powers to local administrators such as Executive Secretaries of the Districts of public Notaries to bring registration services closer to the people. Registrar General may consider amending security registration conditions by accepting to register a property value determined and agreed upon by the client and respective MFI and also to waive registration fees for loans below 1,500,000Rwf.

6. Private Sector Federation Difficulties with accessing Commercial Courts To increasing number of commercial courts on progressive manner to ensure that businesses community including MFIs are closer to judicial services. At least consider establishing one court clerk at every higher instance court countrywide charged with receiving commercial litigations and issuing summons to parties. Consider revising the law on mediation committees to increase their material competence to settle commercial litigations up to one million (1,000,000) Rwandan francs. This shall reduce the number of commercial small claims being filed in commercial courts.

7. Private Sector Federation Debtor’s Act Financial Ombudsman Enacting a law that puts in place an office of financial Ombudsman will assist in consumer protection related issues and increase the confidence level between financial services, consumers and financial services providers.

8. Private Sector Federation MURAKOZE! THANK YOU!