Regulatory Alerts2025-02-26
Instruction No. 001/2024-CSBF on the Refinancing Conditions for Microfinance Institutions
The Banking and Financial Supervision Commission (CSBF) of Madagascar issued Instruction No. 001/2024-CSBF to establish strict eligibility criteria and procedural requirements for microfinance institutions (MFIs) seeking refinancing. The directive mandates that MFIs refinancing with peers must satisfy rigorous solvency, portfolio quality, profitability, and governance thresholds, with eligibility determined monthly by the CSBF and executed exclusively on the central bank’s dedicated platform. Refinancing with other credit institutions or external entities requires standard due diligence or prior CSBF authorization, accompanied by specific financial and contractual documentation to ensure regulatory compliance and market stability.
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