Until 2021, Notification 1328/MOIC, List C 02-2015, reserved several activities to Lao nationals. Included in the list were various other financial services activities. The Implementation guidelines of Decree No. 01 /BOL on Microfinance Institutions, dated 19 APR 2016, imposed a 30% foreign shreholding limit in microfinance institutions (both  Deposit-Taking Microfinance Institutions (DTMFI) and Non-Deposit Taking Microfinance Institutions (NDTMFI)).

On June 20, 2022, the Bank of the Lao PDR (BOL) issued Decree No. 184/G, replacing the prior regulation (No. 460/G) from October 3, 2012, governing deposit-taking and non-deposit taking microfinance institutions. Under this new decree, foreign investors, both individuals and entities, can hold up to 51% of the share capital in Deposit-Taking Microfinance Institutions (DTMFI) and wholly own the share capital of Non-Deposit Taking Microfinance Institutions (NDTMFI) in Lao PDRs.
"Part II - Microfinance Institutions that accept deposits [...]
Article 10 Foreign Investment
Foreign individuals and legal entitites can invest together with Lao individuals and legal entities to operate microfinance institutions that receive deposits in a ratio not exceeding fifty-one percent of the total number of shares.
[...]
Part III - Microfinance Institutions that do not accept deposits [...]
Article 68 Foreign Investment
Individuals and foreign legal entitites can operate microfinance institutions that do not accept deposits without limiting the investment ratio [...]" (Decree on Microfinance Institutions, No. 184/G, 20 June 2022 [google translation])
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Previously
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"Business Activities Reserved for Lao Nationals (Revised): [...]
- Trusts, funds and similar financial entities (specifically for the establishment of trusts, non-deposit microfinance, loan and savings union)
- Other credit granting (specifically for a pawn shop business)" (Notification 1328/MOIC, List C 02-2015)
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"Chapter II - Deposit Taking Microfinance Institutions  [...]
Article 8 - Foreign Investment
Foreign individual and entity can invest to establish Microfinance Institutions for money deposit and the minimum proportion of the share by foreign share holder is ten per cent (10%), but maximum is thirty per cent (30%) of the capital.  The proportion of the share by foreign share holder can be changed up on the Bank of Lao PDR and comply with the laws. For foreign investments in the form of shares comply with investment law and written information to the BoL is required. 
[...]
Chapter III - Non-Deposit Taking Microfinance Institutions and Microfinance Projects [...] 
Article 25 - Foreign Investment 
Foreign individual and entity can invest to establish NDTMFI and the minimum proportion of the share by foreign share holder is ten per cent (10%), but maximum is thirty per cent (30%) of the capital. The proportion of the share by foreign share holder can be changed up on the Bank of Lao PDR and comply with the laws. For foreign investments in the form of shares comply with investment law and written information to the BoL is required. [...]" (Implementation guidelines of Decree on Microfinance Institutions No. 01 /BOL, dated 19 APR 2016) 

Decree on Microfinance Institutions, No. 184/G, 20 June 2022
Notification 1328/MOIC, 13 July 2015, List C 02-2015
Implementation guidelines of Decree on Microfinance Institutions No. 01 /BOL, dated 19 APR 2016
[<a href="https://laomfa.org/decrees-and-regulations/">Decree</a>],[<a href="http://www.laotradeportal.gov.la/kcfinder/upload/files/MOIC_1328_2015_Eng.pdf">Notification</a>],[<a href="https://laomfa.org/wp-content/uploads/2016/11/Implementation__guidelines_on_MF_decree_460_Eng_19.04.16.pdf">Guidelines</a>]