Regulatory Alerts2014-01-01
Financial Reporting Requirements for Microfinance Institutions Directive 2014
Issued by the Registrar of Financial Institutions under the Financial Services Act, 2014, this Directive mandates licensed microfinance institutions to submit standardized weekly, monthly, quarterly, and annual financial returns. The reporting framework requires board and executive certification of data covering liquidity, capital adequacy, asset classification, portfolio quality, and comprehensive income to ensure continuous off-site surveillance. Failure to comply triggers a K50,000 penalty plus daily surcharges of K5,000, automatically debited from the institution's Reserve Bank account or paid via certified cheque.
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