Regulatory Alerts2023-03-27
Regulation No 58/2023 on Corporate Governance for Deposit-Taking Microfinance Institutions
The National Bank of Rwanda issued Regulation No 58/2023 to establish comprehensive corporate governance requirements for deposit-taking microfinance companies and cooperatives. The regulation mandates specific board compositions, qualifications, and independent director elections while defining the roles of executive committees such as audit, credit, and risk management. It further standardizes management qualifications, fit-and-proper tests for staff and directors, related-party transactions, and ethical compliance to strengthen institutional oversight and risk management frameworks.
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