Ily 2006, the Central Bank of Sudan initiated the preparation of a vision for the development and development of the microfinance sector in Sudan. In March 2007, the Central Bank of Sudan established a specialized unit for microfinance as a supervisory and supervisory body that aims to:
Encouraging and stimulating microfinance as a tool for providing financial services to the poor and vulnerable groups, alleviating poverty and promoting and developing economic development.
Providing microfinance through banks and non-bank financial institutions to facilitate the flow of financing to the targeted segments of the governmental and non-governmental sector resources.
Institutional development for banks and microfinance institutions through training and qualification programs and capacity building
Introducing Takaful micro-insurance and non-traditional guarantees as insurance for owners of micro-enterprises.
The stages of development of the microfinance sector through the unit began with the stage of structural and functional construction and the formulation of its role by issuing publications and regulations regulating the work of banks in microfinance, as well as framing their regulatory, supervisory and developmental role for the microfinance sector in the country, as well as training its employees and arranging field visits to global experiences based on the best international foundations and practices in Microfinance. These initial steps were necessary at this stage, as this unique experience was based on a new and comprehensive vision that had never been seen before.
Unit tasks
The main tasks of the unit are as follows:
Stimulating the development work of the microfinance sector in cooperation with major stakeholders, including donors
Setting policies, regulations, laws and legislation, preparing reports and reviews, and monitoring implementation and performance.
Contribute to economic and social development and choose appropriate legal formulas for microfinance.
Analysis and classification of finance provided to microfinance institutions for the purpose of evaluation and re-introducing new products that meet the needs of the sector.
