Regulatory Alerts2012-05-07
National Bank of Rwanda Directive 05/2012 on Customer Service Delivery in Financial Institutions
The National Bank of Rwanda issued Directive 05/2012 to establish minimum customer service standards for banks, microfinance institutions, insurance companies and brokers, pension schemes, and forex bureaus. Financial institutions must implement the directive's attached guiding principles and benchmarks to ensure consistent service delivery across all customer interactions. Compliance requires these entities to submit quarterly status reports to the Central Bank, which may also request ad-hoc updates as needed.
DIRECTIVE N° 05/2012 OF 07/05/2012 OF THE NATIONAL BANK OF RWANDA ON CUSTOMER SERVICE DELIVERY IN FINANCIAL INSTITUTIONS
Pursuant to Law n° 55/2007 of 30/11/2007 governing the Central Bank of Rwanda, especially in Articles 6, 53 and 56;
Pursuant to Law n° 007/2008 of 08/04/2008 concerning Organization of banking especially in article 28;
Pursuant to Law n° 40/2008 of 26/08/2008 establishing the organisation of Microfinance activities in article 20;
Pursuant to Law n° 52/2008 of 10/09/2008 governing the organization of insurance business, especially in article 47;
Pursuant to Regulation n° 06/2008 on corporate governance of banks in article 7;
Pursuant to Regulation n° 07/2008 of 29/07/2008 on corporate governance requirements for insurance business, especially in Article 7;
Pursuant to Regulation n° 12/2009 of 13/10/2009 on market conduct requirements for insurers and insurance intermediaries;
The National Bank of Rwanda hereafter referred to as “Central Bank”, decrees:
Article one: Purpose of the Directive
This Directive aims at establishing minimum standards applicable to Financial Institutions in delivering to the Customer service requirements.
For the purpose of this Directive, financial institutions include Banks, Microfinance Institutions, Insurance companies and the insurance brokers, Pension schemes and Forex bureaus.
Article 2: Customer Service Delivery Requirements
Financial Institutions shall provide customer service by implementing Guiding Principles and Benchmarks on customer service delivery herewith attached in appendix.
Article 3: Monitoring and reporting
Financial Institutions are required to submit reports on customer service delivery status to the Central Bank on quarterly basis or at any time as may be required by the Central Bank.
Article 4: Repealing provision
All prior provisions contrary to this Directive are hereby repealed.
Article 5: Commencement
This Directive shall come into force on the date of its signature.
Done at Kigali on 07/05/2012
Amb. GATETE Claver Governor