Microfinance Unit Overview
Acting upon the efforts of CBOS aiming at reinforcing the role of microfinance in combating poverty and in improving performance of the financial sector, CBOS has adopted preparation of a future vision and a strategy to develop microfinance sector as a tool to alleviate poverty in the country in collaboration with public and private sectors and regional and international stakeholders.
In 2007 CBOS has established a Microfinance Unit as an independent unit, both administratively and financially, within the sector of financial institutions and systems. The Unit is entrusted with drawing microfinance policies and developing of socio-economic banking with a view of encouraging the establishment of effective microfinance institutions and activities to alleviate poverty in society and to push forward productive activities to achieve balanced economic development allover the Sudan as envisaged in the CPA.
Based on the above the Unit shall endeavor to support banking and non-banking institutions involved in microfinance through well studied programs to build human and technical capacities of such institutions. Moreover, the Unit shall also produce appropriate legislations and frameworks that create opportunities for the development of best practices and policies supportive of microfinance institutions to build on similar international successes in accordance with both Islamic and conventional banking systems.
- Encouragement of microfinance (in both Islamic and conventional banking systems) as a tool to provide financial services to the poor with a view of alleviating poverty and promoting economic development.
- Provision of microfinance through banks and financial institutions and facilitation of the flow of finances, from governmental and non-governmental sources, to the weak segments in society.
- Institutional development of banks and microfinance institutions through training programs.
Sources of Income
Sources of income are confined to returns of financing and capital investments.