Financial Institutions (Credit Only and Deposit Taking Micro-Finance Institutions) (Amendment) Regulations, 2018

LESOTHO Government Gazette Vol. 63 Thursday – 31st May, 2018 No. 40 CONTENTS No. Page LEGAL NOTICES 43 Financial Institutions (Credit Only and Deposit .............................. 491 Taking Micro-Finance Institutions) (Amendment) Regulations, 2018 44 Local Government Service (Publication of...................................... 515 Members of the Tribunal) Notice, 2018 OTHER NOTICES (See Supplement of the Gazette) Published by the Authority of His Majesty the King Price: M22.00

LEGAL NOTICE NO. 43 OF 2018 Financial Institutions (Credit Only and Deposit Taking Micro-Finance Institutions) (Amendment) Regulations, 2018 In exercise of the powers conferred upon the Commissioner of Financial Insti￾tutions by section 27(1) read with section 71 of the Financial Institutions Act, 2012 1 the Commissioner makes the following regulations - Citation and commencement

1. These regulations may be cited as the Financial Institutions (Credit Only and Deposit Taking Micro-Finance Institutions) (Amendment) Regulations, 2018 and shall come into operation on the date of publication in the Gazette. Preamble
2. The preamble to the Principal Regulations is repealed and substituted with the following preamble - “In exercise of the powers conferred upon the Commissioner of Finan￾cial Institutions by section 71 read with section 27(1) of the Financial In￾stitutions Act, 2012 the Commissioner makes the following regulati￾ons:” Application
3. Regulation 3 is repealed and substituted with the following regulation - “3. These regulations shall apply to the three types of micro-finance li￾censees as defined in schedule VI.” Preliminary conference
4. Regulation 5(2) is amended by deleting “shall” after applicant and sub￾stituting “may”. Application documents
5. Regulation 6(1) is amended by deleting “if, in the opinion of the Com￾missioner, the applicant reasonably establishes capacity of intent to provide a credit-only or deposit-taking micro-finance services or both, the Commissioner shall provide the applicant with -” and substituted with “The Commissioner shall provide the applicant with the following application materials:” 491

492 Business plan 6. Regulation 7(1) is amended by deleting “An” at the beginning of the regulation and substituting “A tier one or tier two”. 7. Regulation 7(3) is amended by deleting “the” before applicant’s and sub￾stituting “a tier one and tier two micro-finance”. Granting of a licence 8. Regulation 9(3) is repealed and substituted with the following regula￾tion - “A licence issued under subregulation (1) shall remain valid until re￾voked by the Commissioner as stipulated in the Act or surrendered by the licensee.” 9. Regulation 9(4) is repealed and substituted with the following regula￾tion - “A licensee shall pay an annual licence fee as stipulated in schedule IV.” Consumer rights 10. Regulation 11 is amended by inserting after subregulation (5) the fol￾lowing subregulations - “(6) A licensee and its agents shall - (a) treat clients with ethical standards, honesty, fairness and respect; (b) ensure adequate safeguards to detect and correct cor￾ruption and abusive treatment by staff and agents; (c) ensure that its staff and agents who deal with clients do not retain identification documents of its borrowers dur￾ing sales or collection processes; (d) not engage in false, misleading, or unethical advertising, sales practices or treatment of clients; and (e) not select or treat clients in a discriminatory way on the basis of personal characteristics or affiliations.

(7) A licensee shall - (a) have fair and effective policies and procedures to inform clients on how they can complain to the licensee; (b) address the complaint contemplated in (a) within 30 calendar days and disclose to the client how they can contact the Central Bank of Lesotho for assistance in re￾solving a complaint if the client is not satisfied with the outcome of the internal complaint handling process.” General 11. Regulation 15(6) is amended by deleting “, at the request of a borrower,”. Disclosure in credit agreements 12. Regulation 16 is amended by inserting “in a key facts section of the dis￾closure” before to the borrower. Notices to customers 13. Regulation 23(1) is amended by inserting “30 days in advance” between borrower, and in writing. Minimum capital requirements 14. Regulation 36 is amended by inserting the following new subregulations after subregulation (3) - “(4) Tier one micro-finance licensee must maintain a minimum capi￾tal to total non-risk weighted assets of ten per cent. (5) The Commissioner may require individual tier one licensees to have additional capital buffers as needs dictate.” Minimum liquid assets 15. Regulation 37(1) is repealed and substituted with the following regula￾tion - “37(1) A tier one licensee shall not, at any time, have less than fifteen per cent of its total liabilities in liquid assets or such other percentage as may be determined by the commisioner.” 493

16. Regulation 37(2) is repealed.
17. Regulation 37(3) is amended by deleting “(3)”and substituting “(2)”. Ownership and transfer of shares
18. Regulation 40 is repealed. Transfer of assets and liabilities
19. Regulation 44 is amended by inserting “For tier one and tier two micro￾finance licensees,” at the beginning of the regulation. Board of Directors and its responsibilities
20. Regulation 45(1) is repealed and substituted with the following regula￾tion - “The operations of a tier one and tier two licensee shall be directed by a board consisting of at least five directors, headed by a chairperson who is a non-executive director of the licensee.”
21. Regulation 45(2) is amended by inserting “tier one and tier two micro￾finance” before licensee.
22. Regulation 45(3) is repealed and substituted with the following regula￾tion - “A person shall obtain prior approval from the Commissioner if he is to hold the position of a director in more than one licensee, unless the fi￾nancial institutions are subsidiaries or holding companies of the finan￾cial institution.” Audit committee
23. Regulation 46(1) is repealed and substituted with the following regula￾tion - “A board of directors of a tier one micro-finance licensee shall appoint at least three of its members to form an audit committee, of whom at least two thirds shall not be employees of the licensee and no principal officer of the licensee may be a member of the audit committee.” Credit committee
24. Regulation 47(1) is repealed and substituted with the following regula￾494

tion - “A board of directors of a tier one micro-finance licensee shall appoint at least three of its members to form a credit committee, of whom at least two thirds shall not be employees of the licensee and a principal officer may be a member of the credit committee.” Insider lending 25. Regulation 48(1) is amended by inserting “tier one or tier two micro-fi￾nance” before financial. Finance manager 26. Regulation 52(1) is amended by inserting “tier one and tier two micro￾finance” before licensee. 27. Regulation 52(1) is amended by inserting the following new subregula￾tion after subregulation (1)(b) - “(1A) A tier three micro-finance licensee shall have a finance function as in subregulation 52(1)(b).” 28. Regulation 52(2) is amended by inserting “are only required for tier one and tier two licensees, and” before “shall”. Risk management manuals and policies 29. Regulation 53 is repealed and substituted with the following regulation - “53. A tier one or tier two micro-finance licensees shall - (a) have a written risk management manuals and policies with regard to the screening, approval, monitoring and collection of loans which shall allow for sufficient flex￾ibility to accommodate the special characteristics of the lending provided by the licensee, particularly its labour￾intensive nature, the likely use of alternative collateral and the possible use of a group lending approach; (b) establish a definition of non-performance that takes into account the particularity of its type of lending practice by the licensee taking into account, the number of days of non-performance, missed payments and times resched￾uled and the licensee is also required to have established 495

496 policies and procedures to manage the workout of bad loans; (c) establish a procedure for measuring, monitoring and controlling market risk including foreign currency risk if the licensee is exposed to foreign currency on an ongoing basis; (d) have a cushion in the form of a reserve or liquidity ratio requiring the deposit taking institution to hold unencum￾bered liquid assets against a percentage of deposits and a limit on concentrations from a single funding source; and (e) have strong internal controls and audit procedures that include tools to detect weaknesses in the lending methodology and compensation policies, as well as to identify and reduce frauds.” Engagement of external auditor 30. Regulation 54(1) is repealed and substituted with the following - “54. (1) A tier one or tier two micro-finance licensee shall have an ex￾ternal auditor, who shall not be a related party, to audit its accounts.” Filing of audited accounts and other information 31. Regulation 61 is repealed and substituted with the following regulation - “61. (1) Tier one and tier two micro-finance licensees shall an￾nually file audited financial statements of assets and liabilities, income and expenses, together with the results of the operations and cash flow information for the period ended. (2) A tier three institution shall annually file with the Com￾missioner, accounts of assets and liabilities, income and expenses for the period ended, and which have been prepared by an accountant. (3) A micro-finance licensee shall annually file with the Commissioner, details of the shareholders of the licensee including their names and addresses. (4) A tier one micro-finance licensee shall annually file with the Commissioner, the names of remuneration paid to the members of the

board of directors and the salary grid in use by the licensee. (5) A tier one micro-finance licensee shall annually file with the Commissioner, the number of deposit holders, their average savings and the total amount deposits held in the case of deposit taking micro￾finance services licensees. (6) A licensee that is part of a group shall file both solo and consolidated annual audited financial statements with the Commissioner within three months of the end of the financial year, unless prior appro￾val for an extension has been granted by the Commissioner.” Prudential reports 32. Regulation 62(1) is repealed and substituted with the following regula￾tion - “62. (1) A licensee shall prepare and submit to the Commis￾sioner, prudential reports in the form set out in schedule V of the Prin￾cipal Regulations.” Transitional provision 33. Regulation 71 is repealed and substituted with the following regulation - “71. All licensed micro-finance institutions who were conducting a credit only or a deposit taking micro-finance on the date which these regulations become effective, shall within six months, apply for a new licence according to tiers in schedule VI and in accordance with these regulations.” Amendment of schedules 34. Schedules IV, V and VI to the Principal Regulations are repealed and substituted with the following schedules - 497

“SCHEDULE IV License Fees for Application to Conduct Credit Only or Deposit Taking Micro-finance institution (Regulation 9(1)) Business Investigation Registration Branch Financial License Annual Type Fee License Fee opening institutions fee Fee fee Agent licensing fees Tier Three M2,500.00 M2,000.00 M1,500.00 M2, 500.00 M2, 500.00 M2, 500.00 Micro￾finance Credit Only Tier Two M5,000.00 M5,000.00 M3,500.00 M3, 500.00 M5,000.00 M5,000.00 Micro￾finance Credit Only Tier One M15,000.00 M10,000.00 M7 500.00 M7 500.00 M15 000.00 M15,000.00 Micro￾finance Deposit￾taking SCHEDULE V (a) Credit Risk Return This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by Tier 1 and 2 licensees only. The return must be signed by the Chairman and the Chief Ex￾ecutive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Name of Credit Giving Institution: Quarter ending: Non- performing loans 498

Period No Balance Percent Provision Less than 30 days 10% 30 days but less 20% than 90 days 90 days but less 40% than 180 days 180 days but 60% less than 270 days 270 days but less 80% than 365 days 365 days and over 100% Total (1) Total loan balance outstanding excluding non-performing loans above: 1% of total loan balance (2): Total provision required (1 +2): Book Provision: Opening balance as at M Additional amounts provided during the quarter M Bad debts written off to the provision during the quarter M Closing balance as at M Bad debts written off and recovered: Quarter ended Financial year to date Amount Number Amount Number Bad debts written directly M M to Income and Expenses Bad debts written off M M against provision Total bad debts written off MM Bad debts recovered MM 499

Loans restructured: Report any loans where the terms and conditions have been formally changed such as extending the repayment period, reducing the repayments or reducing the interest rate: Quarter ended Financial year to date Amount Number Amount Number Loans restructured Loans with a non-standard interest rate:M SCHEDULE V(b) Capital adequacy return This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by tier 1 licensees only. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Name of Credit Giving Institution: Quarter ending: Capital Fully paid up share capital M Debts where the rights of creditors are subordinated M Statutory Reserves M Other reserves M Unappropriated surplus M Surplus for the year to date M Total capital M Assets Balance Risk weighting Risk weighted assets Cash M 0% M Deposits with M 0% M CBL and government securities Deposits with M 20% M other Banks 500

Deposits with M 50% M other NBFIs Loans net of M 100% M any cash collateral held Office furniture, M 100% M fittings & equipment net of accumulated depreciation Real estate & M 100% M buildings All other assets M 100% M Total intangible assets: M This includes items such as computer software that has been developed for the institution and capital￾ized and formation expenses that have been capitalized and not yet fully amortized. SCHEDULE V(c) Liquidity return This return is to be submitted monthly as at the last day of each month by tier 1 Licensees only. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Name of Credit Giving Institution: Quarter ending: Asset Institution Amount Notes and coins M Government securities M with 90 days or less to maturity Deposits with Banks with 90 M days or less to maturity 501

M Deposits with NBFIs with 90 M days or less to maturity M Total liquid fund M Total loans approved and due to be disbursed in the next 30 days: M Estimated payments to creditors in the next 30 days: M Total liquidity requirement (1+2): M Liquidity ratio (total liquid funds to liquidity requirements): % SCHEDULE V(d) Statement of Financial Performance This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 December by all tiers. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. (Amount in Loti) No. Description Other foreign Year to Loti Currencies Total in Loti date in into Loti Loti 1.0 Interest Income 0.00 1.1 Loan Income to 0.00 customers 1.2 Accounts with 0.00 banks and financial institutions 1.3 Securities and 0.00 Investments 502

1.4 Others 0.00 2.0 Interest Expenses 0.00 2.1 Customer deposits 0.00 2.2 Amounts owing to 0.00 banks and other financial institutions 2.3 Borrowings 0.00 2.4 Others 0.00 3.0 Net Interest 0.00 Income (3 = 1-2) 4.0 Non-Interest 0.00 Income (Net) 4.1 Commission 0.00 and fee expenses 4.2 Other non-interest 0.00 income 5.0 Foreign exchange 0.00 gain / (loss) 6.0 Other income 0.00 7.0 Operating Income 0.00 (3+4+5+6) 8.0 Staff expenses 0.00 9.0 Admin and 0.00 general expenses 10.0 Depreciation 0.00 11.0 Loan loss provision 0.00 12.0 Profit from operations 0.00 (12= 7-8-9-10-11) 13.0 Grant income 0.00 503

14.0 Adjustments 0.00 for subsidies 15.0 Profit before tax 0.00 (15=12+13+14) 16.0 Tax on profit 0.00 17.0 Net profit for 0.00 the period (17=15 -16) (Prepared by) (Checked by) (Approved by) Name Designation SCHEDULE V(e) Statement of Financial Position This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by all tiers. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Assets Loti Rands Other Total in foreign Loti Currencies into Loti Currency - - Cash and Cash -- - Equivalent Cash in vault -- Deposits - - TRANSFERABLE - - DEPOSITS Transferable Deposits - - with Central Bank of Lesotho 504

Transferable Deposits - - with Banks Lesotho Transferable Deposits - - with Other Financial Institutions OTHER DEPOSITS -- Other Deposits with - - Central Bank of Lesotho Other Deposits with - - Banks Lesotho Other Deposits with - - Other Financial Institutions Debt Securities - - Marketable securities - & short-term I nvestments Loans - - Loans to Customers - - - Households - - Business - - Other Loans - - Total loans outstanding - Households - - Business - - Other Loans - - Less : Loan loss - reserve 505

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Demand deposits Accrued Interest on Transferable Deposits Term deposits - Other deposits - Accrued Interest on - - Other Deposits Deposits from Banks - and Other Financial Institutions Banks -- Other Financial -- Institutions Other Payables - - Accounts Payable - Accrued Expenses - Debt Securities -- Long term Borrowing - -- Borrowings from - Financial Institutions Borrowings from - Non-financial institutions Deferred Grant - Income Suspense, Clearing - and Inter-branch Account Other Liabilities - 507

Total Liabilities - -- Equity Accounts - -- Paid up capital - Premium on - share capital Donated capital - Hybrid capital - instruments Reserves - Retained earnings - Year to date undi- - strubuted surplus Total Equity Total Liabilities And Equity Check Digit - Assets should equal Liabilities + Capital (Prepared (Checked (Approved by) by) by) Name Designation SCHEDULE V(f) Schedule of Deposit Holders This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by tier 1 licensees only. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Name of Institution: For the year to date ending: 508

Aging Analysis of Depositors Number of Depositors Amount Saved 3 Months 6 months 9 months 12 months Declaration: As an authorized representative of............................................... I declare that all information filled in this report is accurate to the best of my knowledge and belief. There has been no compromise of truth￾fulness or any code of professional conduct. Signature Date SCHEDULE V(g) Classification of Deposits by amount deposited This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by tier 1 licensees only. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Name of Institution: For the year to date ending: Table 1 Amount Deposited Number of Deposits M1-M5,000 M5,001-M10,000 M10,001-M15,000 M15,001-M20,000 Above (Specify) 509

Table 2 Aggregate Number of Depositors Total Amount of Deposits Declaration: As an authorized representative of ............................................. , I declare that all information filled in this report is accurate to the best of my knowledge and belief. There has been no compromise of truth￾fulness or any code of professional conduct. Signature Date SCHEDULE V(h) Financial Inclusion Indicators This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by all tiers.The return must be signed by the Chairman and the Chief Executive Officer and re￾turned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. Access and Usage Indicators Number Amount/Value Branches 0.00 Loans/Borrowers 0.00 0.00 Households 0.00 0.00 of which Male of which Female Businesses 0.00 0.00 Micro (1-2 Employees) Small (3-9 Employees) Medium (10-49 Employees) Big/Large (50+ Employees) Loans/Borrowers by Economic Sectors 0.00 0.00 Agriculture Mining and Quarrying Manufacturing Transportation Construction Wholesale and retail trade Tourism (Hotels and Restaurants) Other services/sectors Loans/Borrowers by duration or repayment period 0.00 0.00 a. (1 month to 3 months) b. (4 months to 6 months) c. (7 months to 12 months) 510

d. (1 year to 3 years) e. (4 years to 5 years) f. (5+ years) Additional Information on Loans 0.00 0.00 New loans (Disbursed during the reporting quarter) Loans Settled (During the reporting quarter) Past Due (In arreas) Loans by 30 Days Past Due (In arreas) Loans by +30 Days by less than 90 Days Non-Perfoming Loans +90 Days Loans written off Quality Indicators Highest Loan Amount Lowest Loan Amount Interest/cost of borrowing (in %) Time to complete a borrowing transaction (in Days) Total Number of Employees Number of complaints handled internally Complaints Number of complaints referred to the Central Bank of Lesotho Number of loans/Number of Loan Officers Over- Maximum debt to income ratio for borrowers indebtedness Non-performing loans/Total Loans Appropriate Maximum Loan Interest Rate Pricing Commission and Fee Income/Gross Income Client Growth Total Number of Active Clients 511

SCHEDULE V(i) Top Ten Borrowers and Depositors This return is to be completed as at the following dates: 31 March, 30 June, 30 September and 31 De￾cember by all tiers. The return must be signed by the Chairman and the Chief Executive Officer and returned to the Director of Other Financial Institutions Supervision, Central Bank of Lesotho within 10 days of the date to which it relates. 10 Largest Loans Number Borrower's Original Amount Performing Number % Name Loan Outstan- per of times Outstanding Amount ding Agreement? rescheduled vs. Total Yes/No Loans 1 2 3 4 5 6 7 8 9 10 TOTAL M 0.00 M 0.00 0.0% 10 Largest Depositors Name of Amount of Amount of Total Savings, % of Depositor Combined Fixed Deposit(s) Shares & Total Savings Fixed Deposits & Shares M 0.00 M 0.00 M 0.00 M 0.00 M 0.00 M 0.00 M 0.00 M 0.00 M 0.00 512

M 0.00 TOTAL M 0.00 M 0.00 M 0.00 SCHEDULE VI Schedule VI – Definition of Tiers 1, 2 and 3 and the related requirements. Criteria Tier 1 Tier 2 Tier 3 Type Deposit-taking Credit-only Has issued Credit-only – Loans a debt instrument on a public exchange, OR Has 10 million Loti or more in assets. Licensed Licensed License materials License materials prepared by licensee. prepared by licensee. one time licensing one time licensing One time licensing. Funding Equity, Debt, Deposits Has issued debt on a Equity. No debt public exchange, can be issued. Or Equity CBL Reporting Yes (Quarterly - Yes (Quarterly - Quarterly advanced) advanced) Board Yes Yes No Finance function Yes – could be outsourced Business plan Yes Yes No Audit function Yes Yes No Compliance Yes Yes yes may outsource function External audit Yes Yes Submission of finacial statement prepared by certified accountant 513

C r e d i t b u r e a u Ye s Ye s Ye s r e p o r t i n g C o d e o f c o n d u c t Ye s Ye s Ye s ( i n d u s t r y s t a n d a r d , c o m p l a i n t m a n a

g e m e n t s y s t e m ) P r u d e n t i a l M i n i m a l c a p i t a l Ye s N o N o C a p i t a l a d e q u a c y Ye s N o N o L i q u i d i t y Ye s N o N o L L P Ye s N o N o R i s k Ye s N o N o c o n c e n t r a t i o n I n s i d e r l e n d i n g Ye s N o N o F i n a n c i a l C o n s u m e r P r o t e c t i o n S a l e s p r a c t i c e s Ye s Ye s Ye s & d i s c l o s u r e C u s t o m e r Ye s Ye s y e s a c c o u n t h a n d l i n g a n d m a i n t e n a n c e P r i v a c y a n d Ye s Ye s Ye s d a t a p r o t e c t i o n D i s p u t e Ye s Ye s Ye s r e s o l u t i o n I n t e r e s t r a t e c a p N o N o N o 5 1 4

DATED: DR. RET◊ELISITSOE MATLANYANE GOVERNOR OF THE CENTRAL BANK OF LESOTHO NOTE

1. Act No. 3 of 2012 LEGAL NOTICE NO. 44 OF 2018 Local Government Service (Publication of Members of the Tribunal) Notice, 2018 Pursuant to section 30(4) of the Local Government Service Act, 2008 1 , I, HABOFANOE SIXTUS LEHANA Minister responsible for local government and chieftainship, cause the names of the following members of the Local Government Service Tribunal to be pub￾lished with effect from 1st June, 2018 for a period not exceeding five years:
2. Adv. Vincent Moshoeshoe Mokaloba : Chairperson
3. Mrs. ’Mamahooana Nkeli : Member
4. Mrs. Mpepe Tlelima : Member DATED: HABOFANOE SIXTUS LEHANA MINISTER OF LOCAL GOVERNMENT AND CHIEFTAINSHIP NOTE
5. Act No. 2 of 2008 515

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