Promoting Inclusive Markets and Financial Systems
Despite the unstable and challenging environment facing the microfinance industry in Yemen ever since the 2011 crisis (Arab Spring), with its implications and up until the beginning of 2015, the industry had been looking ahead to better performance and a more promising year in 2015. This positive outlook was evidenced by the steady (although moderate) increase in microfinance outreach with higher numbers of active clients across all YMN member MFIs. This was supported by the more serious efforts by member MFIs to break the barrier of only working in service-clustered urban parts of the country, and instead expanding their services to rural Yemen where the potential and need for suitable client-focused financial services is much needed and could be highly fruitful and impactful. Another primary indicator for steady growth was the notable increase in YMN’s membership, which by the end of 2014 alone had gone up by over 60% showing greater diversity in focus and product and service offerings to include new commercially funded MFIs in the launching stages, commercial & Islamic banks and BDS providers.