Regulatory Alerts2025-03-01
Instruction No. 033/DGSIF/DSB on Public Disclosure of Credit Institution Operational Conditions
The Central Bank of the Republic of Guinea issued Instruction No. 033/DGSIF/DSB mandating that credit institutions publicly disclose the conditions, pricing, and fees applicable to their banking operations across all branches, counters, and agents. The directive requires these disclosures to be provided in legible paper or display formats that clearly indicate tax status, value dates, interest calculation methods, and actual incurred fees. Furthermore, institutions must notify clients of any condition changes prior to implementation and submit a detailed annual list of operational conditions to the Central Bank by January 31 each year.
Conakry, December 2, 2014
REPUBLIC OF GUINEA CENTRAL BANK
INSTRUCTION NO. 033/DGSIF/DSB of December 2, 2014 REGARDING THE PROCEDURES BY WHICH CREDIT INSTITUTIONS MUST MAKE KNOWN TO THE PUBLIC THE CONDITIONS THEY APPLY TO THEIR OPERATIONS
THE GOVERNOR,
Having regard to Law L/2014/016/AN of July 2, 2014 establishing the Statute of the Central Bank of the Republic of Guinea;
Having regard to Law L/2013/060/CNT of August 12, 2013 on Banking Regulation;
Having regard to Decree D/2010/010/PRG/SGG of December 27, 2010 appointing the Governor of the Central Bank;
DECIDES
Article 1: Credit institutions are required to make available to the public, across all their branches and counters, all information concerning the conditions they apply to their operations.
They must, furthermore, ensure that this information is made available to the public through their agents.
Article 2: Public information must be provided at least on paper and by display within the premises of credit institutions. The information must be legible, and the selected media must be placed in areas easily accessible to customers.
Information published by display must cover, at a minimum, the conditions applicable to basic banking operations.
Article 3: Information media must clearly indicate the descriptions of services offered, corresponding pricing, and applicable value dates.
Article 4: Information media must highlight the methods for collecting interest and commissions, as well as the specific conditions under which they apply.
Article 5: Information media must clearly indicate whether applied pricing is exclusive or inclusive of taxes.
They must also specify whether operations entail, in addition to interest and commissions, the collection of actually incurred fees (postage, telephone, fax, etc.), which must be recovered identically.
P.O. Box No. 692 - Conakry - Telephone: (+224) 30 41 26 51 - Telefax: (+224) 30 41 48 98 Telex: 22 225 BAREG - GE
Article 6: Modifications to conditions applied to banking operations must be brought to the attention of clients before their effective application.
Article 7: Credit institutions are required to submit to the Central Bank of the Republic of Guinea (BCRG), no later than January 31 of each year, a detailed list of the conditions they apply to their operations.
Any modification to these conditions must also be communicated to the Central Bank of the Republic of Guinea (BCRG).
Article 8: This instruction takes effect from its date of signature and will be published as needed.
[Signature and seal]
Dr. Louncény NABE