The Lao Microfinance Association (LMFA), established in 2013, serves as the umbrella organisation for the Lao national microfinance industry. It unites microfinance practitioners and other relevant stakeholders who share the association’s ultimate goal: improving access to appropriate and affordable financial services for people in need.
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The LMFA considers social and financial education crucial for several reasons. Firstly, reducing poverty by helping people manage their income effectively, avoid predatory lending, and plan for the future contributes to poverty alleviation. Secondly, enhancing social responsibility through social education helps citizens understand and engage with societal norms and responsibilities, fostering a cohesive society that supports mutual understanding and respect among diverse ethnic groups. Additionally, improving decision-making through education that combines social and financial aspects helps individuals make better personal and communal decisions, aligning with long-term benefits and supporting sustainable development goals. Fourthly, youth development is supported by teaching young people in Lao PDR financial fundamentals and social responsibilities, preparing them for adult responsibilities and empowering them to contribute positively to their communities.
Lastly, economic growth and stability are supported by a well-informed citizenry that understands financial mechanisms and social structures, enabling more effective and responsible participation in the economy.
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Our partnership
The mission of the LMFA is to support micro- and rural-finance practitioners in achieving financial, social, and environmental sustainability while strengthening collaboration among stakeholders. Since 2019, the LMFA has partnered with Aflatoun as an advocacy partner. The organisation takes pride in their “Financial Futures Program,” which emphasizes both social skills and financial literacy. Such initiatives equip participants with the knowledge and abilities to navigate their personal, social, and economic environments more successfully. This holistic approach ensures that economic empowerment is coupled with social responsibility, preparing individuals not only to succeed financially but also to contribute positively to their communities.
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