Regulatory Alerts2020-02-01
Decision N°D/2018/001/BCRG/CAM on the Minimum Capital of Inclusive Financial Institutions
The Central Bank of the Republic of Guinea issued Decision N°D/2018/001/BCRG/CAM on June 29, 2018, establishing minimum capital requirements for inclusive financial institutions. Microfinance institutions authorized to collect savings, and those organized in a network, must hold GNF 5,000,000,000, while those not collecting savings require GNF 1,000,000,000. Electronic Money Institutions and Postal Financial Services are mandated to maintain a minimum capital of GNF 4,000,000,000, with existing institutions granted twelve months to comply.
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[Logo] REPUBLIC OF GUINEA CENTRAL BANK
Conakry, June 29, 2018
DECISION N°D/2018/001/BCRG/CAM ON THE MINIMUM CAPITAL OF INCLUSIVE FINANCIAL INSTITUTIONS
The Chairman of the Approvals Committee: Having regard to Ordinance N°D/2009/046/CNDD of February 07, 2009, on the statutes of the Central Bank of the Republic of Guinea; Having regard to Decree N°D/2010/010/PRG/SGG of December 27, 2010, appointing the Governor of the Central Bank of the Republic of Guinea; Having regard to Law N° L/2017/031/AN of July 04, 2017, relating to inclusive financial institutions in the Republic of Guinea, in its articles 41 and 163.
DECIDES
Article 1: This Decision is applicable to Microfinance Institutions (hereinafter, "MFIs"), Electronic Money Institutions (hereinafter, "EMIs"), and Postal Financial Services (hereinafter, "PFS").
SECTION 1: MICROFINANCE INSTITUTIONS
Article 2: The minimum share capital for non-affiliated microfinance institutions authorized to collect savings is set at five billion Guinean Francs (GNF 5,000,000,000).
For microfinance institutions organized as a network, the minimum capital is set at five billion Guinean Francs (GNF 5,000,000,000). It is calculated on a consolidated basis for the network, including the Apex institution and affiliated entities.
Post Office Box N° 692 - Conakry - Telephone: (+224) 664 67 77 77 Fax: +224 669 08 88 88 - E-mail: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org / 6, Boulevard du commerce C/Kaloum
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Article 3: The minimum capital for microfinance institutions not authorized to collect savings is set at one billion Guinean Francs (GNF 1,000,000,000).
For associations, the minimum capital provided for in this Instruction means:
- any non-refundable capital endowment,
- any non-refundable contribution from members.
SECTION 2: ELECTRONIC MONEY INSTITUTIONS
Article 4: The minimum share capital for Electronic Money Institutions (EMIs) is set at four billion Guinean Francs (GNF 4,000,000,000).
SECTION 3: POSTAL FINANCIAL SERVICES
Article 5: The minimum share capital for Postal Financial Services is set at four billion Guinean Francs (GNF 4,000,000,000).
SECTION 4: MISCELLANEOUS, TRANSITIONAL AND FINAL PROVISIONS
Article 6: This Decision enters into force on the date of its signature. Inclusive Financial Institutions already approved have a period of twelve (12) months from the effective date of this Instruction to comply with its provisions.
[Stamp and signature]
Dr Louncény Nabé