We believe that the Micro Small and Medium Enterprises (MSMEs) are the backbone of an economy. They maintain an appreciable growth rate and generate employment opportunities. This sector is the engine of social development in many developing countries.

The essential key to the successful development and survival of MSMEs is the role of financial management. Unlike large firm, small firms and entrepreneurs operates in different business environment. Hence there approach and methods of managing finance substantially differs.

Objectives

The overall objective is to promote financial stability and to develop diversified, efficient and inclusive financial systems, at the global and country-level and support developing countries and the global community in addressing most pressing financial sector challenges.  Other Objectives include:

• Ensure financial access and services extend to hard-to-reach populations, including women and the rural poor.
• Increase citizens’ financial literacy and capability so they understand different financial services and products.
• Ensure everyone has valid identification documents, and a low-cost, accessible means for them to be authenticated.
• Devise useful and relevant financial products, tailored to consumer needs.
• Establish robust financial consumer protection frameworks, and adapt relevant regulatory and supervisory authorities, including by utilizing technology to improve supervision.
• Improve MSMEs’ access to finance and find innovative solutions to unlock sources of capital.

Consultation Area

• Financial Stability: Building more resilient banking systems by promoting crisis prevention and by making banking crises less disruptive; monitoring financial systems to identify vulnerabilities and develop appropriate policy responses; and strengthening bank supervision.
• Financial Integrity: Providing countries with tools for increasing transparency and for going after the “dirty money” as a way to reinforce the strength, safety and integrity of the financial system.
• Payment Systems: Payment & settlement systems are mechanisms established to facilitate the clearing and settlement of monetary and other financial transactions. Secure, affordable & accessible payment systems and services promote development, support financial stability, and help expand financial inclusion
• Credit Infrastructure: Credit infrastructure is the set of laws and institutions that enables efficient and effective access to finance, financial stability, and socially responsible economic growth through credit reporting, secured transactions & collateral registries; and insolvency & debt resolution.
• Micro, Small and Medium Enterprises: MSMEs are a group of people or individuals with all its efforts attempted in the economy in a very limited scale. MSMEs play a major role in most economies, particularly in developing countries.