Regulatory Alerts2016-05-05
Regulations for the Licensing and Operations of Credit Unions in Liberia
The Central Bank of Liberia issued Regulations No. CBL/RSD/001/2015 to establish comprehensive licensing, prudential, and operational standards for credit unions operating in the country. The framework mandates that all credit unions obtain a CBL license, affiliate with the Liberia Credit Union National Association as the apex supervisory body, and maintain a minimum of 300 members alongside strict corporate governance and capital adequacy requirements. It further delineates permissible deposit and lending activities, prohibits speculative and foreign transactions, and outlines procedures for inspections, financial reporting, and license revocation for non-compliance.
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