Decision No. 002/2019-CSBF Approving Caisse d'Epargne de Madagascar as a Deposit and Credit Microfinance Institution

CENTRAL BANK OF MADAGASCAR COMMISSION FOR BANKING AND FINANCIAL SUPERVISION

DECISION NO. 002/2019-CSBF

APPROVING THE COMPANY CAISSE D'EPARGNE DE MADAGASCAR AS A DEPOSIT AND CREDIT MICROFINANCE INSTITUTION

The Commission for Banking and Financial Supervision (CSBF),

Having regard to Law No. 95-030 of February 22, 1996, relating to the activity and supervision of credit institutions, as amended,

Having regard to Law No. 2017-026 of February 8, 2018, on microfinance,

Having regard to Law No. 2016-004 of July 29, 2016, supplemented by Law No. 2016-057 of February 2, 2017, establishing the Statutes of the Central Bank of Madagascar,

Having regard to Law No. 2003-036 of January 30, 2004, on commercial companies,

Having regard to Decree No. 2014-1684 of October 29, 2014, appointing the Governor of the Central Bank of Madagascar,

Having regard to Decree No. 2016-151 of March 8, 2016, partially repealing Decree No. 2013-559 of July 23, 2013, and appointing two members of the Commission for Banking and Financial Supervision (CSBF),

Having regard to Decree No. 2017-917 of November 3, 2017, appointing a member of the Commission for Banking and Financial Supervision (CSBF),

Having regard to Instruction No. 003/2007-CSBF of May 11, 2007, relating to the approval of level 2 and 3 microfinance institutions,

Having regard to the approval application submitted on behalf of the company Caisse d'Epargne de Madagascar S.A. for the status of deposit and credit microfinance institution on March 27, 2018, as well as the supplementary information provided on July 19, 2018, November 2, 2018, and February 21, 2019,

Considering that the company complies with the applicable legislative and regulatory provisions and that its approval may be granted.

DECIDES

ARTICLE 1: The company Caisse d'Epargne de Madagascar S.A., with its registered office located at 21, Rue Karija Tsaralalàna, Antananarivo, is hereby approved as a deposit and credit microfinance institution.

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To this end, in accordance with Law No. 2017-026 of February 8, 2018, on microfinance, the company Caisse d'Epargne de Madagascar is authorized to routinely provide microfinance services, namely the collection of deposits, granting of loans, distribution of insurance products, and digital financial services including money transfer and payment services, and incidentally to offer educational and training advisory services, safe deposit box rentals, payment in ariary of funds received from abroad or from any person residing outside the national territory through an approved intermediary, and payment of funds received from other entities under an agreement with the relevant entities.

ARTICLE 2: This approval is issued subject to the fulfillment of the following suspensive conditions:

• completion of the transformation of Caisse d'Epargne de Madagascar into a deposit and credit microfinance institution, in accordance with the approval application file;
• submission of administrative documents related to its transformation:
  • the final articles of association following its transformation,
  • the updated extract from the Trade and Companies Register;
• appointment of the two other executive directors and submission of missing documents regarding the members of the Board of Directors;
• submission of the document attesting to the appointment of statutory auditors and draft contracts defining their service terms.

The company Caisse d'Epargne de Madagascar S.A. is required to fulfill these conditions within six (6) months from the notification of this decision, to which the approval is subject.

ARTICLE 3: This decision shall take effect from the date of the notification letter from the President of the CSBF addressed to the company Caisse d'Epargne de Madagascar S.A. acknowledging the fulfillment of the conditions set forth in Article 2 above.

ARTICLE 4: This decision shall be published in the Official Journal of the Republic and in at least one legal announcements newspaper at the expense of the institution.

Thus deliberated and adopted at the meeting of the Commission for Banking and Financial Supervision on March 1, 2019.

For the Commission for Banking and Financial Supervision, The President,

(Signature) THE GOVERNOR ALAIN H. RASOLOFONDR AIBE