Regulatory Alerts2015-01-01
Banking and Financial Institutions (Microfinance Activities) (Amendment) Regulations, 2015
Governor Benno J. Ndulu issued the 2015 Amendment Regulations to modify microfinance rules under the Banking and Financial Institutions Act. The instrument redefines "Senior Management" by deleting a specific figure and renumbering subsequent subparagraphs, while mandating existing microfinance companies to convert into Microfinance banks within a three-year compliance moratorium. It further adjusts the numbering of existing regulations 35 to 70 to accommodate the new provisions.
GOVERNMENT NOTICE No. 103 published on13.03.2015 THE BANKING AND FINANCIAL INSTITUTIONS ACT (CAP. 342) REGULATIONS THE BANKING AND FINANCIAL INSTITUTIONS (MICROFINANCE ACTIVITIES) (AMENDMENT) REGULATIONS, 2015 Citation GN No. 298 of 2014
- These Regulations may be cited as the Banking and Financial Institutions (Microfinance Activities)(Amendment) Regulations, 2015 and shall be read as one with the Banking and Financial Institutions (Microfinance Activities) Regulations, 2014, hereinafter referred to as “principal Regulations” Addition of regulation 3
- Regulation 3 of the principal Regulations is amended in the definition of the term “Senior Management”, by- (a)deleting figure (iii); and (b)renumbering subparagraph (iv) as (iii). Addition of new regulation 35
- The principal Regulations are amended by- (a) adding immediately after regulation 34 the following new regulation: “35. Existing microfinance companies shall be required to convert into Microfinance banks and shall for that respect be given a moratorium of three years from the date of publication of these Regulations to comply with requirements of regulations 33 and 34”. (b) renumbering regulations 35 to 70 as regulations 36 to 71, respectively. Dar es Salaam, BENNO J. NDULU 27th February, 2015 Governor
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