Regulatory Alerts2024-03-22
Law N° 039/2024 of 22/03/2024 establishing the Deposit Guarantee Fund
The Parliament of Rwanda, sanctioned by President Paul Kagame, enacted Law N° 039/2024 to establish a Deposit Guarantee Fund for banks and deposit-taking microfinance institutions. Managed by the National Bank of Rwanda, the Fund guarantees insured deposits up to a regulator-determined maximum, compensates depositors upon institutional liquidation, and provides financial assistance to distressed members while funding its operations through quarterly premiums, investments, and government subsidies. The legislation mandates quarterly premium filings, establishes an Advisory Committee to oversee management, and empowers the central bank or government to inject emergency funds when reserves prove insufficient.
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