EC, Microcredit Regulatory Authority sign agreement to enhance data verification
Microcredit Regulatory Authority (MRA) and the Election signed a bilateral agreement on Wednesday (30 August) to bolster transparency and accountability in the microfinance sector.
The primary objective of the agreement is to facilitate the verification of data stored by the Election Commission under the Microfinance Credit Information Bureau (MF-CIB) framework, which is implemented by the Microcredit Regulatory Authority.
Microcredit Regulatory Authority Executive Director Muhammad Majedul Haque and Election Commission Director Mohammad Azizul Islam signed the agreement on behalf of their respective organisations, reads a press release.
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The signing ceremony was graced by the presence of (MRA) Executive Vice Chairman (Grade-1) Md Fasiullah and EC Director-General (Grade-1) AKM Humayun Kabir, along with other senior officials in attendance.
The accord sets the stage for certified microcredit institutions to access and verify national identity card information and related data of their clientele through the regulatory authority.
This innovative measure is poised to yield several advantages, including heightened transparency in microfinance operations and the mitigation of data duplication risks.
