Regulatory Alerts2019-10-17
Instruction No. 001/2019-CSBF on the Approval of Microfinance Institutions (MFIs)
The Banking and Financial Supervision Commission (CSBF) of Madagascar issues Instruction No. 001/2019-CSBF to establish the procedures, documentation requirements, and decision-making framework for the approval and classification of microfinance institutions (MFIs). The regulation defines individual and collective approval processes, mandates a six-month examination period, and sets suspensive conditions for operational commencement while outlining grounds for dismissal or refusal. It further mandates existing MFIs to align their files with the new standards within three months and repeals prior licensing instructions for levels 1 through 3.
Share