Regulatory Alerts2023-03-27
Regulation No 57/2023 on Licensing Requirements for Deposit-Taking Microfinance Institutions
The National Bank of Rwanda issued Regulation No. 57/2023 to establish licensing requirements and operational conditions for deposit-taking microfinance institutions. The regulation mandates minimum paid-up capital of one billion Rwandan francs for companies and 100 million for cooperatives, while detailing application procedures, significant shareholding thresholds, merger rules, and place-of-business regulations. It further outlines compliance obligations, supervisory fees, license duration and display, transformation processes, and the regulation's entry into force to standardize market oversight.
Share