THE Jamaica Micro Financing Association (JamFA) is prodding the government to table urgently in Parliament the much anticipated Micro Credit Bill, which will regulate private, micro loan companies and improve the environment for the sector’s development.

Executive Director of JamFA, Raymond Gabbidon, says that it is essential that government enact legislation to create a proper regulatory framework for Micro Finance Institutions (MFIs), help to create a more trusting environment for the loan companies and their clients and reduce the risk of some institutions being labelled as “loan sharks”.

“The latent capacity of the poor for entrepreneurship can only be significantly enhanced with the provision of microfinance services to enable them to engage in economic activities and be more self-reliant,” Gabbidon told the Jamaica Observer.

Last weekend, JamFA revealed a plan of action which it hopes will increase interest in the tabling of the Bill in Parliament, and encourage the government to implement the regulatory framework, as soon as possible.

According to Gabbidon, the initiative will take the form of an advocacy campaign, which kicks-off with a Round Table meeting on Wednesday, October 15, at the Four Seasons Hotel, Kingston, between 9:30 am and 12:30 pm, to address key issues of concern to MFIs. Approximately 20 major micro-financing institutions are expected to be involved.

The Ministry of Finance and Planning has already missed the deadline for tabling the bill in 2013/14. However, Gabbidon said that JamFA is hoping that it will be tabled before the end of 2014/15.