The 3rd General Assembly Meeting of the Lao Microfinance Association (LMFA) took place on August 25, 2023, at the Training Center of the Lao Front for National Development. The event was co-organized by the Bank of the Lao PDR and LMFA, and was chaired by Mr. Phoukhong Chanthachak, Director of the Department of Non-Bank Financial Institutions at the Bank of the Lao PDR.
Attending the meeting were Mrs. Sommalai Vongkhamsao, Deputy of the Department of Non-Bank Financial Institutions, several representatives from the Association’s Board of Directors, and 93 members of the association from across the country.
During the meeting, the chairman of the board provided a comprehensive report on the association’s activities from 2018 to 2023. The report spotlighted both the successes and challenges faced by the association during this period. He also elaborated on the future vision, mission, and strategy of the association.
Furthermore, the board of directors gave the gratitude certificate to the internal audit committee and the advisory board for their significant contributions to the microfinance sector in Lao PDR and to LMFA specifically. Appreciation was also extended to the former director of LMFA for his exceptional leadership and contributions to the microfinance industry, particularly within LMFA, from 2013 to 2023. Subsequently, a democratic election was held to appoint the association’s new board of directors and internal audit board. As a result, Mr. Somphon Sisenglat was elected chairman; Ms. Chanpeng Lilavong and Mr. Santhi Ousithided were appointed vice chairpersons; Mr. Alounnothai Soulimeuangchan and Mr. Souphon Lasaphon became committee members. For the internal audit committee, Mrs. Sengmany Manivong was chosen as president, Mrs. Inpan Phommathong as vice president, and Mrs. Suthanin Sang Ali as a committee member.
In his concluding remarks, the chairman lauded the diligent efforts of LMFA and the previous board of directors in contributing to the national economic development plan. He also urged LMFA members to uphold the set rules and regulations, remain vigilant against unethical microfinance practices, and to continually enhance their microfinance operations in line with legal requirements. He further encouraged members of financial institutions to consider joining the information center and the depositor’s protection fund to safeguard the institution’s future prospects.