Regulatory Alerts2019-09-06
Decision No. 013/2019-CSBF extending authorized activities to Société Générale Madagasikara
The Banking and Financial Supervision Commission (CSBF) of Madagascar has issued Decision No. 013/2019-CSBF to extend Société Générale Madagasikara's (SGM) authorized activities to include routine electronic money operations conducted in collaboration with its subsidiary YUP Madagascar. The authorization covers electronic money issuance, media funding, fund withdrawals, transfers, and storage, contingent upon SGM fulfilling specific suspensive conditions within six months. These conditions include submitting definitive articles of association, an updated commercial register extract, and appointing an independent IT auditor to review SGM and YUP Madagascar's infrastructure while providing an action plan for audit recommendations.
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