Regulatory Alerts2018-10-24
Instruction No. 002-DDI/2018 on the Operating Procedures of the BFM Account Central
The Central Bank of Madagascar issued Instruction No. 002-DDI/2018 to establish the operating procedures for its Account Central (CdC), a core component of the BFM Integrated Information System. The instruction mandates that authorized credit institutions, microfinance entities, and electronic money providers systematically declare account opening, closure, and modification data through secure electronic channels according to defined periodicity and file structures. It further outlines the quality standards, authentication protocols, data access rights for both institutions and clients, and applicable sanctions to ensure accurate national tracking of banking penetration and financial inclusion.
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