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Access to financing in Malaysia among highest in Asia

Posted on: May 7, 2009

Bernama – Thursday, May 7

KUALA LUMPUR, May 6 (Bernama) – The levels of financing inclusion in Malaysia is among the highest in developing Asia, said managing director of Micro-Credit Ratings International Ltd (M-CRIL), Sanjay Sinha today.

Quoting figures released by the United Nations in 2007, he said 60 percent of the population in Malaysia have access to financing.

The percentage in much of developing Asia is between 12 and 30 percent, said Sinha, who is also the advisor for United Nations Advisors Group (UNAG), during a media roundtable session at the UNAG Asia Regional Forum on Policy and Regulation of Financial Inclusion.

Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz said about 80 percent of Malaysians have some form of savings accounts.

Malaysia now has 10.2 branches for every 100,000 individuals as opposed to the global median of 8.4 branches for every 100,000 individuals.

She said micro-financing increased from RM151 million in 2000 to RM1.7 billion in 2008, representing an annual average growth rate of 35 percent.

Dr Zeti said the non-performing loans level of micro-financing was 3-4 percent.

The maximum micro-financing loan in Malaysia is RM50,000, while the average is RM12,000.

Sinha said the average micro financing in developing Asia ranged between US$80 and US$150, while the average loan size for small loans given by banks was between US$700 and US$1,000. — BERNAMA



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