Regulatory Alerts2016-12-01
Prudential Standards No. 02-2016/BSD: Deposit-Taking Microfinance Institutions
The Reserve Bank of Zimbabwe establishes comprehensive licensing, governance, and operational requirements for Deposit-Taking Microfinance Institutions (DTMFIs) through these Prudential Standards. The framework mandates a minimum paid-up share capital of US$5 million, strict board composition rules requiring independent non-executive directors, and rigorous fitness-and-probity assessments for all major shareholders and senior officers. DTMFIs must maintain adequate capital and liquidity, adhere to large exposure limits, implement robust risk management and reporting systems, and comply with consumer protection and deposit insurance scheme obligations.
Share