Regulatory Alerts2023-01-01
Financial Institutions (Amendment) Act 2023
The Parliament of Lesotho enacted the Financial Institutions (Amendment) Act 2023 to modernize regulatory oversight for traditional money lenders and microfinance operators. The legislation repeals the Money Lenders Act 1989 and Financial Institutions Act 1993, amends Section 4 to exempt certain cooperatives and informal organizations, and inserts transitional provisions deeming existing money lenders automatically compliant under the principal Act. Licensed entities must fully align with the updated regulatory framework within one month of publication to ensure seamless supervision and support Lesotho’s expanding financial sector.
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