Regulatory Alerts2021-03-05
Instruction No. 001-DDI/2021 Setting the Procedures for the Approval of Tariff Grids for Credit Information Bureaus (CIBs)
The Central Bank of Madagascar issued Instruction No. 001-DDI/2021 to establish the mandatory approval procedures and pricing principles for tariff grids set by Credit Information Bureaus (CIBs). The directive requires CIBs to submit written applications, demonstrate compliance with a seven-step development process, and present proposed tariffs to professional associations before BFM grants approval within a 30-day window. It mandates free monthly consultation records for users, enforces volume-based discounts and standardized pricing, and stipulates that rejected grids trigger a 10% automatic tariff reduction on the previously approved rates.
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