Regulatory Alerts2020-02-01
BCRG Instruction No. I/DGSIF/DSIMF/002/2018 on the Operations of Microfinance Institutions
The Central Bank of the Republic of Guinea issues this instruction to regulate Microfinance Institutions (MFIs), establishing clear rules for overdrafts, cash facilities, and credit granting procedures. It mandates that MFIs formalize credit terms in writing, including nominal interest rates and total costs, while prohibiting unlicensed MFIs from offering payment services except as agents for licensed entities. Furthermore, the instruction authorizes savings-collecting MFIs to provide specific payment services subject to real-time settlement systems and anti-money laundering compliance, repealing all prior conflicting directives.
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