Decision No. 010/2025-CSBF on the Withdrawal of Authorization for Entreprendre a Madagascar Finances (EAM-Finances)

[LOGO]

BANKY FOIBEN'I MADAGASIKARA

BANKING AND FINANCIAL SUPERVISION COMMISSION (CSBF)

DECISION NO. 010/2025-CSBF

ON THE WITHDRAWAL OF AUTHORIZATION
FOR THE COMPANY ENTREPRENDRE A MADAGASCAR FINANCES (EAM-FINANCES)

The Banking and Financial Supervision Commission (CSBF),

Having regard to Law No. 2020-011 of September 1, 2020 on banking law;

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

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

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

Having regard to Decree No. 2023-011 of January 4, 2023 regarding the appointment of the Governor of Banky Foiben'i Madagasikara;

Having regard to Decision No. 001/2011-CSBF of March 22, 2011 granting authorization to EAM-Finances as a non-mutualized Microfinance Institution (IMF 2);

Considering that EAM-Finances has ceased its activities for more than six months pursuant to Article 33 of the banking law, this finding is supported by a bailiff's report dated June 28, 2025;

Pursuant to Article 33 of the aforementioned Law No. 2020-011 on banking law, which empowers the CSBF to withdraw authorization when a credit institution has ceased activities for six (6) months, regardless of the reason;

Pursuant to the provisions of the final paragraph of Article 33 on the one hand, and Articles 201 and 202 of the aforementioned Law No. 2020-011 on banking law on the other hand, which provide for a credit institution to enter liquidation upon withdrawal of its authorization;

FOR THESE REASONS,

1. Decides to withdraw the authorization of EAM-Finances as a non-mutualized IMF 2, granted by Decision No. 001/2011-CSBF of March 22, 2011;

---

2. Orders its liquidation by a liquidator appointed by the President of the Commercial Court upon petition and proposal from the President of the CSBF;

3. States that EAM-Finances may only carry out operations strictly necessary to settle its affairs and may only claim the status of a credit institution while specifying that it is in liquidation;

4. States that EAM-Finances remains, throughout the liquidation period, subject to CSBF supervision and may request any information or justification from the liquidator useful for exercising its supervisory mission;

5. States that EAM-Finances' registration on the list of credit institutions shall be cancelled upon closure of liquidation.

This decision takes effect from the date of its notification to EAM-Finances.

This decision is published on the website of Banky Foiben'i Madagasikara.

Thus adopted unanimously by the Supervisory Board, during the meeting of the Banking and Financial Supervision Commission on November 13, 2025.

Done in Antananarivo on November 14, 2025
The President of the Commission of Banking and Financial Supervision,

[Signature/Seal]
Aivo H. ANDRIANARIVELO
GOVERNOR