Skim Pembiayaan Mikro Policy Document

Skim Pembiayaan Mikro (SPM), which was launched in 2006 has positively contributed to the sustained rise in microfinancing supply by Participating Financial Institutions (PFIs) over the years. This initiative has also expanded the accessibility of microfinancing to the microentrepreneurs (MEs), particularly the unserved or underserved (U/US) segments such as informal businesses and low income MEs, as well as young businesses as outlined in Appendix 1.

The Financial Sector Blueprint 2022-2026 (FSBP) has introduced various initiatives to reinforce the finance ecosystem for MEs while promoting an inclusive and sustainable microfinance sector within Malaysia’s financial system. BNM is introducing an enhanced SPM framework with strategic enablers that aims to achieve the following desired outcomes:
(a) higher access to and take up of financing by MEs from PFIs;
(b) better outreach and service quality by PFIs to MEs, particularly to the U/US segments;
(c) wider options of financing products and non-financial services (e.g. capacity building programmes) for MEs to support upward migration;
(d) improved capability of MEs to secure loan/financing and to allow PFIs to accurately assess the MEs; and
(e) more vibrant landscape with greater participation by financial institutions (FIs) and players within the microfinance ecosystem (e.g., Credit Guarantee Corporation Malaysia Berhad (CGC), CGC Digital Sdn Bhd (CGC Digital), Agensi Kaunseling dan Pengurusan Kredit (AKPK)) offering innovative products and non-financial services.

This policy document outlines the enhanced SPM framework, which contains information and requirements to be complied with by FIs, as follows:
(a) Part A – overview of the policy document;
(b) Part B – consolidated and proportionated policy requirements to provide a more enabling and fit-for-purpose regulatory framework for the implementation of SPM; and
(c) Part C – operational requirements to be undertaken by FIs before and during their participation in SPM and for the utilisation of the Micro Enterprises Facility (MEF).

The SPM regulatory framework is complemented by six identified strategic enablers, which are designed to play a pivotal role in ensuring the success and resilience of the SPM initiative, fostering a robust and sustainable environment within the broader microfinance landscape as per Diagram 1 below.

This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking