Decision No. 013/2019-CSBF extending authorized activities to Société Générale Madagasikara

CENTRAL BANK OF MADAGASCAR BANKING AND FINANCIAL SUPERVISION COMMISSION

DECISION NO. 013/2019-CSBF

EXTENDING AUTHORIZED ACTIVITIES TO SOCIÉTÉ GÉNÉRALE MADAGASCAR

The Banking and Financial Supervision Commission (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. 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. 2016-056 of 2 February 2017 on electronic money and electronic money institutions,

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 Banking and Financial Supervision Commission (CSBF),

Having regard to Decree No. 2017-851 of 26 September 2017 implementing Law No. 2016-056 of 2 February 2017 on electronic money and electronic money institutions,

Having regard to Instruction No. 001/2018-CSBF of 12 April 2018 on the exercise of electronic money activities by credit institutions,

Having regard to Decision No. 002/98-CSBF of 18 November 1998 approving the company « BFV-SOCIÉTÉ GÉNÉRALE »,

Having regard to the prior authorization request submitted by Société Générale Madagasikara (SGM) on 4 April 2019 to exercise electronic money activities, and the supplementary information provided on 31 May and 17 June 2019,

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

DECIDES

ARTICLE 1: Article 1, paragraph 2 of Decision No. 002/98-CSBF approving the company « BFV-SOCIÉTÉ GÉNÉRALE » is amended as follows:

« In this capacity, it is authorized to routinely conduct the banking operations defined by the aforementioned Law No. 95-030, as well as the electronic money operations defined by the aforementioned Law No. 2016-056 in collaboration with its subsidiary YUP Madagascar »:

• the issuance of electronic money;
• the funding of electronic money media;
• the withdrawal of funds from electronic money media;
• the transfer of electronic money;
• the storage of electronic money.

The remainder unchanged.

ARTICLE 2: This decision is granted subject to the fulfillment of the following suspensive conditions:

• the completion of administrative formalities related to the extension of activities and the submission of:
  • the definitive articles of association of Société Générale Madagasikara;
  • the updated extract of the commercial and companies register for Société Générale Madagasikara;
• the appointment of an independent IT auditor to audit all infrastructure of Société Générale Madagasikara and its partner YUP Madagascar, and the submission of an action plan addressing the auditor's recommendations.

Société Générale Madagasikara is required to fulfill the aforementioned conditions within a period of 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 Société Générale Madagasikara 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 Banking and Financial Supervision Commission on 6 September 2019.

For the Banking and Financial Supervision Commission, The President,

THE GOVERNOR ALAIN H. RASOLOFONDRAIBE

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