Regulatory Alerts2026-07-30
Added
Instruction No. 001-2026-CSBF on the Approval of Banks and Financial Institutions
The Commission de Supervision Bancaire et Financière (CSBF) establishes the procedures and criteria for approving the creation of banks and financial institutions in Madagascar. Applicants must submit a complete dossier to the CSBF General Secretariat, which has twelve months to evaluate the request against standards for shareholder transparency, governance, business plan viability, financial solidity, and compliance systems. The CSBF grants approval subject to suspensive conditions, such as capital deposit and statutory registration, which must be fulfilled within the specified timeframe or the approval becomes void. Existing financial entities must regularize their status or classify themselves into the new legal categories within six months of the instruction's entry into force.