Regulatory Alerts2023-03-27
Regulation No 62/2023 of 27/03/2023 governing administrative and pecuniary sanctions applicable to deposit-taking microfinance institutions
The National Bank of Rwanda issues Regulation No 62/2023 to establish the administrative and pecuniary sanctions applicable to deposit-taking microfinance institutions, their boards, management, and staff. The Central Bank exercises sole authority to impose targeted measures such as written warnings, operational suspensions, dividend prohibitions, and license revocation, alongside fixed monetary penalties detailed in the regulation's appendix. The framework mandates a seven-day appeal process to the Governor for pecuniary sanctions, repeals prior microfinance regulations, and takes effect upon publication in the Official Gazette.
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