Bank Negara Malaysia is pleased to announce the launch of a nationwide microfinance logo design competition. All Malaysian individuals are eligible to participate in this month-long competition from 7 May to 8 June 2007. The winning entry will be awarded a cash prize of RM20,000, and consolation prizes of RM1,000 each will be awarded to ten shortlisted entries.
This competition is part of Bank Negara Malaysia's effort to promote a prominent identity, and to create greater awareness and understanding on microfinance. The winning logo design entry will be used as the national Microfinance Logo, to be displayed at Head Offices and Branches of financial institutions that provide microfinance as well as other microfinance providers so that the public is aware of their microfinance products. Recipients or borrowers of microfinance will also be encouraged to display the logo at their business premises to indicate their success in obtaining financing to support the growth and development of their businesses. Details on entry requirements, terms and conditions of the competition, are available at the SMEinfo Portal (www.smeinfo.com.my).
The development of a sustainable and commercially-driven microfinance industry is important to ensure that micro enterprises have adequate and continuous access to financing to support their growth. The Census of Establishments and Enterprises 2005 indicates that 80% of small and medium enterprises are micro enterprises, defined as businesses with less than 5 workers, or with annual sales turnover of less than RM250,000. Therefore, providing this group of businesses with access to financing from the formal financial system would be a catalyst in unlocking their potential to participate in business activities and contribute to the economy.