Regulatory Alerts2020-02-01
BCRG Instruction on the Deposit Guarantee and Resolution Fund for Inclusive Financial Institutions
The Central Bank of the Republic of Guinea (BCRG) issued Instruction N° I/DGSIF/DSIMF /013 /2018 establishing a Deposit Guarantee and Resolution Fund (FGDR) for approved Microfinance Institutions, Electronic Money Institutions, and Postal Financial Services. The FGDR, structured as an Economic Interest Grouping and supervised by the BCRG, requires members to contribute a minimum initial endowment of 2% of their deposits, annual contributions of 0.1%, and additional surcharges for prudential non-compliance. The instruction sets the deposit guarantee ceiling at GNF 5,000,000 per client per institution, which will be adjusted annually based on inflation.
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