Decision No. 011/2019-CSBF Approving Agrivola as a Deposit and Credit Microfinance Institution

CENTRAL BANK OF MADAGASCAR COMMISSION FOR BANKING AND FINANCIAL SUPERVISION

DECISION No. 011/2019-CSBF

APPROVING THE COMPANY AGRIVOLA AS A DEPOSIT AND CREDIT MICROFINANCE INSTITUTION

The Commission for Banking and Financial Supervision (CSBF),

Having regard to Law No. 95-030 of 22 February 1996 on the activity and supervision of credit institutions, as amended,

Having regard to Law No. 2017-026 of 8 February 2018 on microfinance,

Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017, establishing the Statutes of the Central Bank of Madagascar,

Having regard to Law No. 2003-036 of 30 January 2004 on commercial companies,

Having regard to Decree No. 2014-1684 of 29 October 2014 appointing the Governor of the Central Bank of Madagascar,

Having regard to Decree No. 2017-917 of 3 November 2017 appointing a member of the Commission for Banking and Financial Supervision (CSBF),

Having regard to Directive No. 001/2019-CSBF of 1 March 2019 on the approval of microfinance institutions,

Having regard to the application for approval as a deposit and credit microfinance institution (IMF) submitted on behalf of AGRIVOLA S.A. on 25 June 2014, along with supplementary information provided on 22 August and 10 October 2014, 5 February 2015, 8 January and 17 June 2016, 24 October 2017, 20 December 2018, 24 January and 13 May 2019,

Considering that the company complies with the applicable legislative and regulatory provisions and that its approval may be granted,

H E R E B Y D E C I D E S

ARTICLE 1:

The company AGRIVOLA S.A., whose registered office is located at LA CITY Shopping Centre, Antananarivo, is hereby approved as a deposit and credit microfinance institution.

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In this capacity, AGRIVOLA S.A. is authorized to routinely provide microfinance services, namely deposit collection and credit granting, as defined by the aforementioned Law No. 2017-026, and incidentally to offer advisory, educational, and training services.

ARTICLE 2:

This approval is issued subject to the fulfillment of the following suspensive conditions:

• the implementation of its project in accordance with the approval application file;
• the submission of administrative documents relating to its incorporation:
  • the final Articles of Association;
  • the extract from the commercial and companies register;
  • the minutes of the General Meeting designating the members of the Credit Committee;
• the appointment of the second executive director and submission of the regulatory documents concerning them;
• the submission of the signed contract for the purchase of the ORCHID software;
• the submission to the statutory auditor:
  • the draft contract specifying the terms of their services;
  • the document relating to their appointment.

AGRIVOLA S.A. is required to fulfill these conditions, to which the approval is subject, within six (6) months from the notification of this decision.

ARTICLE 3:

This decision shall take effect from the date of the notification letter from the President of the CSBF addressed to AGRIVOLA S.A. acknowledging the fulfillment of the conditions set forth in Article 2 above.

ARTICLE 4:

This decision shall be published in the Official Journal of the Republic and in at least one legal announcements newspaper at the expense of the institution.

Thus deliberated and adopted at the meeting of the Commission for Banking and Financial Supervision on 6 September 2019.

For the Commission for Banking and Financial Supervision, The President,

THE GOVERNOR ALAIN H. RASOLOFONDRAIBE