Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues
The objective of this report is to present an assessment of the current legal, regulatory, and supervisory framework in Albania for microfinance, as well as an assessment of institutions rendering microfinance services (MFIs), including the Savings...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2008/06/16371691/albania-microfinance-institutions-credit-unions-albania-regulatory-supervisory-market-development-issues http://hdl.handle.net/10986/12899 |
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okr-10986-12899 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ABUSIVE LENDING ACCESS TO CAPITAL ACCESS TO FINANCIAL SERVICES ACCESS TO FUNDS ACCESS TO MARKETS ACCOUNTING ACCOUNTING STANDARDS AGRICULTURAL COOPERATIVES BANK INTEREST RATES BANK LENDERS BANK LOAN BANK LOANS BANKING LAW BANKRUPTCY BOND BORROWER BORROWING BORROWINGS CAPITAL ADEQUACY CAPITAL BASE CAPITAL GROWTH CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CASH FLOWS CASH TRANSFER COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS CONFLICTS OF INTEREST CONSUMER PROTECTION CREDIT ASSOCIATION CREDIT ASSOCIATIONS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT HISTORIES CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINE CREDIT LINES CREDIT OFFICER CREDIT PROGRAM CREDIT RISK CREDIT UNION CREDIT UNIONS CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNTS CUSTOMER SATISFACTION DEBT DEBT COLLECTION DEBT INSTRUMENTS DEFAULTERS DEPOSIT DEPOSIT INSURANCE DEPOSIT MOBILIZATION DEPOSIT SERVICES DEPOSITOR DEPOSITORS DEPOSITS DEVALUATION DIVERSIFICATION DOMESTIC BANK DONOR SUPPORT EARNINGS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EQUAL RIGHTS EXCHANGE RATE EXTREME POVERTY FAMILY FARMS FARMERS FINANCIAL ASSISTANCE FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL PRODUCTS FINANCIAL RISK FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REGULATION FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FISCAL AUTONOMY FIXED ASSETS FIXED COSTS FORECLOSURES FOREIGN CURRENCY FOREIGN CURRENCY LOAN FOREIGN CURRENCY LOANS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN EXCHANGE RISKS FRAUD FREE LOAN FUNDING SOURCE FUNDING SOURCES FUTURES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROUP GUARANTEES HEDGES HOLDING HOUSEHOLDS INCOME TAX INDEBTEDNESS INDIVIDUAL LOANS INFORMATION REQUIREMENTS INFORMATION SYSTEM INFORMATION SYSTEMS INFORMATION TECHNOLOGY INSTITUTIONAL REFORMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK ISSUANCE LENDER LENDING LIMITS LENDING REGULATIONS LIQUIDATION LIQUIDATION OF COLLATERAL LIQUIDITY LOAN LOAN CONTRACT LOAN CONTRACTS LOAN DOCUMENTATION LOAN PORTFOLIO LOAN PORTFOLIOS LOAN REPAYMENT LOAN REPAYMENT RATES LOAN REPAYMENTS LOAN SIZE LOAN SIZES LOCAL BANK LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET DISCIPLINES MARKET ECONOMY MARKET PARTICIPANTS MARKET PLAYERS MATURITY MFI MFIS MICRO FINANCE MICRO LENDING MICRO-ENTERPRISES MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOAN MICROFINANCE SECTOR MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY FUND MONEY LAUNDERING MONEY ORDERS MONEY TRANSFERS MORTGAGE MOVABLE PROPERTY MOVABLE PROPERTY REGISTRIES OUTREACH PAYMENT SYSTEM PRIVATE CREDITS PROFESSIONAL DEVELOPMENT PROFIT MARGIN PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION RATES OF INTEREST REGULATORY FRAMEWORK REMITTANCES REPAYMENT SCHEDULE REPAYMENT SCHEDULES RESERVE RESERVE FUND RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RURAL CLIENTS RURAL CREDIT RURAL MARKET SAVINGS SAVINGS SCHEMES SAVINGS SERVICES SECURITIES SELF-EMPLOYMENT SHAREHOLDERS SMALL BUSINESS SMALL FARMERS SMALL LOANS SUPERVISORY AUTHORITIES SWAPS TAX EXEMPT TAX EXEMPTION TAX INCENTIVES TAX-EXEMPT TAX-EXEMPT STATUS TECHNICAL ASSISTANCE TRANSFER RISKS UMBRELLA ORGANIZATION UNEMPLOYMENT URBAN AREAS VALUE OF COLLATERAL VILLAGE VILLAGES WAREHOUSE WAREHOUSE RECEIPT WAREHOUSE RECEIPT FINANCING |
| spellingShingle |
ABUSIVE LENDING ACCESS TO CAPITAL ACCESS TO FINANCIAL SERVICES ACCESS TO FUNDS ACCESS TO MARKETS ACCOUNTING ACCOUNTING STANDARDS AGRICULTURAL COOPERATIVES BANK INTEREST RATES BANK LENDERS BANK LOAN BANK LOANS BANKING LAW BANKRUPTCY BOND BORROWER BORROWING BORROWINGS CAPITAL ADEQUACY CAPITAL BASE CAPITAL GROWTH CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CASH FLOWS CASH TRANSFER COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS CONFLICTS OF INTEREST CONSUMER PROTECTION CREDIT ASSOCIATION CREDIT ASSOCIATIONS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT HISTORIES CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINE CREDIT LINES CREDIT OFFICER CREDIT PROGRAM CREDIT RISK CREDIT UNION CREDIT UNIONS CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNTS CUSTOMER SATISFACTION DEBT DEBT COLLECTION DEBT INSTRUMENTS DEFAULTERS DEPOSIT DEPOSIT INSURANCE DEPOSIT MOBILIZATION DEPOSIT SERVICES DEPOSITOR DEPOSITORS DEPOSITS DEVALUATION DIVERSIFICATION DOMESTIC BANK DONOR SUPPORT EARNINGS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EQUAL RIGHTS EXCHANGE RATE EXTREME POVERTY FAMILY FARMS FARMERS FINANCIAL ASSISTANCE FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL PRODUCTS FINANCIAL RISK FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REGULATION FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FISCAL AUTONOMY FIXED ASSETS FIXED COSTS FORECLOSURES FOREIGN CURRENCY FOREIGN CURRENCY LOAN FOREIGN CURRENCY LOANS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN EXCHANGE RISKS FRAUD FREE LOAN FUNDING SOURCE FUNDING SOURCES FUTURES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROUP GUARANTEES HEDGES HOLDING HOUSEHOLDS INCOME TAX INDEBTEDNESS INDIVIDUAL LOANS INFORMATION REQUIREMENTS INFORMATION SYSTEM INFORMATION SYSTEMS INFORMATION TECHNOLOGY INSTITUTIONAL REFORMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK ISSUANCE LENDER LENDING LIMITS LENDING REGULATIONS LIQUIDATION LIQUIDATION OF COLLATERAL LIQUIDITY LOAN LOAN CONTRACT LOAN CONTRACTS LOAN DOCUMENTATION LOAN PORTFOLIO LOAN PORTFOLIOS LOAN REPAYMENT LOAN REPAYMENT RATES LOAN REPAYMENTS LOAN SIZE LOAN SIZES LOCAL BANK LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET DISCIPLINES MARKET ECONOMY MARKET PARTICIPANTS MARKET PLAYERS MATURITY MFI MFIS MICRO FINANCE MICRO LENDING MICRO-ENTERPRISES MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOAN MICROFINANCE SECTOR MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY FUND MONEY LAUNDERING MONEY ORDERS MONEY TRANSFERS MORTGAGE MOVABLE PROPERTY MOVABLE PROPERTY REGISTRIES OUTREACH PAYMENT SYSTEM PRIVATE CREDITS PROFESSIONAL DEVELOPMENT PROFIT MARGIN PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION RATES OF INTEREST REGULATORY FRAMEWORK REMITTANCES REPAYMENT SCHEDULE REPAYMENT SCHEDULES RESERVE RESERVE FUND RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RURAL CLIENTS RURAL CREDIT RURAL MARKET SAVINGS SAVINGS SCHEMES SAVINGS SERVICES SECURITIES SELF-EMPLOYMENT SHAREHOLDERS SMALL BUSINESS SMALL FARMERS SMALL LOANS SUPERVISORY AUTHORITIES SWAPS TAX EXEMPT TAX EXEMPTION TAX INCENTIVES TAX-EXEMPT TAX-EXEMPT STATUS TECHNICAL ASSISTANCE TRANSFER RISKS UMBRELLA ORGANIZATION UNEMPLOYMENT URBAN AREAS VALUE OF COLLATERAL VILLAGE VILLAGES WAREHOUSE WAREHOUSE RECEIPT WAREHOUSE RECEIPT FINANCING World Bank Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues |
| geographic_facet |
Europe and Central Asia ALBANIA |
| description |
The objective of this report is to
present an assessment of the current legal, regulatory, and
supervisory framework in Albania for microfinance, as well
as an assessment of institutions rendering microfinance
services (MFIs), including the Savings and Credit
Associations (SCAs) and credit unions (CUs), to identify
future development priorities. Economic conditions have
improved in Albania in recent years, but a significant
percentage of the population is still considered below the
poverty level. The report lists future development
priorities for the SCAs and MFIs, emphasizing poverty
reduction through microfinancing. Several MFIs, and one CU,
expressed some desire to borrow from the World Bank. The
report finds this promising, as long as it does not crowd
out commercial sources that serve to integrate MFIs, CUs,
and SCAs into the larger financial sector. The growth of
SCAs might be enhanced by further consolidation of smaller
SCAs into larger SCAs. Mergers based on joint objectives and
bounds can expand the geographical coverage and clientele
base, facilitate the increase of cash flows and access to
capital, and achieve economies of scale in view of reducing
fixed costs. Albania also wishes to obtain a banking license
and focus exclusively on the microfinance market. A tax
exemption enables CUs and SCAs to build up capital through
retained earnings. Eliminating their tax exemption would
either reduce their capital, or require that CUs replace the
taxed earnings with other means of capitalization to
maintain the same capital reserves. The report recommends
that the Bank of Albania (BoA) should continue to work with
the CUs on consolidating and strengthening the SCAs. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues |
| title_short |
Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues |
| title_full |
Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues |
| title_fullStr |
Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues |
| title_full_unstemmed |
Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues |
| title_sort |
microfinance institutions and credit unions in albania : regulatory, supervisory and market development issues |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2008/06/16371691/albania-microfinance-institutions-credit-unions-albania-regulatory-supervisory-market-development-issues http://hdl.handle.net/10986/12899 |
| _version_ |
1764420818794708992 |
| spelling |
okr-10986-128992021-04-23T14:03:03Z Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues World Bank ABUSIVE LENDING ACCESS TO CAPITAL ACCESS TO FINANCIAL SERVICES ACCESS TO FUNDS ACCESS TO MARKETS ACCOUNTING ACCOUNTING STANDARDS AGRICULTURAL COOPERATIVES BANK INTEREST RATES BANK LENDERS BANK LOAN BANK LOANS BANKING LAW BANKRUPTCY BOND BORROWER BORROWING BORROWINGS CAPITAL ADEQUACY CAPITAL BASE CAPITAL GROWTH CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CASH FLOWS CASH TRANSFER COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS CONFLICTS OF INTEREST CONSUMER PROTECTION CREDIT ASSOCIATION CREDIT ASSOCIATIONS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT HISTORIES CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINE CREDIT LINES CREDIT OFFICER CREDIT PROGRAM CREDIT RISK CREDIT UNION CREDIT UNIONS CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNTS CUSTOMER SATISFACTION DEBT DEBT COLLECTION DEBT INSTRUMENTS DEFAULTERS DEPOSIT DEPOSIT INSURANCE DEPOSIT MOBILIZATION DEPOSIT SERVICES DEPOSITOR DEPOSITORS DEPOSITS DEVALUATION DIVERSIFICATION DOMESTIC BANK DONOR SUPPORT EARNINGS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EQUAL RIGHTS EXCHANGE RATE EXTREME POVERTY FAMILY FARMS FARMERS FINANCIAL ASSISTANCE FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL PRODUCTS FINANCIAL RISK FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REGULATION FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FISCAL AUTONOMY FIXED ASSETS FIXED COSTS FORECLOSURES FOREIGN CURRENCY FOREIGN CURRENCY LOAN FOREIGN CURRENCY LOANS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN EXCHANGE RISKS FRAUD FREE LOAN FUNDING SOURCE FUNDING SOURCES FUTURES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROUP GUARANTEES HEDGES HOLDING HOUSEHOLDS INCOME TAX INDEBTEDNESS INDIVIDUAL LOANS INFORMATION REQUIREMENTS INFORMATION SYSTEM INFORMATION SYSTEMS INFORMATION TECHNOLOGY INSTITUTIONAL REFORMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK ISSUANCE LENDER LENDING LIMITS LENDING REGULATIONS LIQUIDATION LIQUIDATION OF COLLATERAL LIQUIDITY LOAN LOAN CONTRACT LOAN CONTRACTS LOAN DOCUMENTATION LOAN PORTFOLIO LOAN PORTFOLIOS LOAN REPAYMENT LOAN REPAYMENT RATES LOAN REPAYMENTS LOAN SIZE LOAN SIZES LOCAL BANK LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET DISCIPLINES MARKET ECONOMY MARKET PARTICIPANTS MARKET PLAYERS MATURITY MFI MFIS MICRO FINANCE MICRO LENDING MICRO-ENTERPRISES MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOAN MICROFINANCE SECTOR MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY FUND MONEY LAUNDERING MONEY ORDERS MONEY TRANSFERS MORTGAGE MOVABLE PROPERTY MOVABLE PROPERTY REGISTRIES OUTREACH PAYMENT SYSTEM PRIVATE CREDITS PROFESSIONAL DEVELOPMENT PROFIT MARGIN PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION RATES OF INTEREST REGULATORY FRAMEWORK REMITTANCES REPAYMENT SCHEDULE REPAYMENT SCHEDULES RESERVE RESERVE FUND RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RURAL CLIENTS RURAL CREDIT RURAL MARKET SAVINGS SAVINGS SCHEMES SAVINGS SERVICES SECURITIES SELF-EMPLOYMENT SHAREHOLDERS SMALL BUSINESS SMALL FARMERS SMALL LOANS SUPERVISORY AUTHORITIES SWAPS TAX EXEMPT TAX EXEMPTION TAX INCENTIVES TAX-EXEMPT TAX-EXEMPT STATUS TECHNICAL ASSISTANCE TRANSFER RISKS UMBRELLA ORGANIZATION UNEMPLOYMENT URBAN AREAS VALUE OF COLLATERAL VILLAGE VILLAGES WAREHOUSE WAREHOUSE RECEIPT WAREHOUSE RECEIPT FINANCING The objective of this report is to present an assessment of the current legal, regulatory, and supervisory framework in Albania for microfinance, as well as an assessment of institutions rendering microfinance services (MFIs), including the Savings and Credit Associations (SCAs) and credit unions (CUs), to identify future development priorities. Economic conditions have improved in Albania in recent years, but a significant percentage of the population is still considered below the poverty level. The report lists future development priorities for the SCAs and MFIs, emphasizing poverty reduction through microfinancing. Several MFIs, and one CU, expressed some desire to borrow from the World Bank. The report finds this promising, as long as it does not crowd out commercial sources that serve to integrate MFIs, CUs, and SCAs into the larger financial sector. The growth of SCAs might be enhanced by further consolidation of smaller SCAs into larger SCAs. Mergers based on joint objectives and bounds can expand the geographical coverage and clientele base, facilitate the increase of cash flows and access to capital, and achieve economies of scale in view of reducing fixed costs. Albania also wishes to obtain a banking license and focus exclusively on the microfinance market. A tax exemption enables CUs and SCAs to build up capital through retained earnings. Eliminating their tax exemption would either reduce their capital, or require that CUs replace the taxed earnings with other means of capitalization to maintain the same capital reserves. The report recommends that the Bank of Albania (BoA) should continue to work with the CUs on consolidating and strengthening the SCAs. 2013-03-25T16:47:03Z 2013-03-25T16:47:03Z 2008-06-17 http://documents.worldbank.org/curated/en/2008/06/16371691/albania-microfinance-institutions-credit-unions-albania-regulatory-supervisory-market-development-issues http://hdl.handle.net/10986/12899 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia ALBANIA |