Regulatory Alerts2012-02-14
Guidelines for the Operations of Credit-Only Microfinance Institutions
The Bank of Sierra Leone mandates registration and operational compliance for all credit-only microfinance institutions under the Other Financial Services Act, 2001. Registered entities must submit detailed monthly, quarterly, and annual financial reports, prominently display customer rights and interest rates, and ensure at least two directors pass the fit-and-proper test. The guidelines prohibit these institutions from accepting deposits, trading in foreign currency, or engaging in unrelated business activities while granting exemptions to small community-based organizations.
Share