Microfinance to be taken to the next level

TRAINING IN the latest anti-money laundering (AML) techniques to combat the financing of terrorism (CFT) and leveraging technology to assist clients will be key topics to be addressed at the seventh Caribbean Microfinance Forum, hosted by the Caribbean Microfinance Alliance (CMFA).

The forum will be held at the Hyatt Ziva Hotel in Montego Bay, October 10 to 13, under the theme ‘Taking Microfinance to the Next Level’.

Audley Shaw, minister of industry, commerce, agriculture and fisheries, will address the conference as guest speaker at the opening ceremony on October 11.

“Within the Caribbean, some institutions in the microfinance sector have had difficulties with their correspondent banking relations because of weaknesses in AML/CFT compliance. We believe that this Caribbean Microfinance Forum is timely in providing training and guidance in the newest developments in AML/CFT regulations, building on an earlier seminar hosted by the CMFA in December 2017,” said Cletus Joseph, chairman of the CMFA Board of Directors.

“Technology is also changing how the sector operates. The use of mobile phones to send and receive money is already popular in other parts of the world, and it is gaining traction in the Caribbean. Hence, we believe that informing our members about how going digital can improve their operations, reduce costs, and increase efficiency will benefit them and their clients in the long run,” Joseph said.

The forum will also provide members with information about disaster risk management, green finance, and social performance. The Frankfurt School of Finance and Management, a global leader in microfinance training, will be facilitating a number of sessions, including a panel discussing best practices and trends in microfinance.

The Development Bank of Jamaica (DBJ) will also participate as a panelist. The DBJ has been a key stakeholder supporting the network from its inception.