Regulatory Alerts2013-01-18
Added · Updated
Instruction No. 0011 on the Operation of a Federation of Savings and Credit Cooperatives
Instruction No. 0011 establishes the operational framework, missions, and governance rules for 'faîtières' (umbrella organizations) comprising Primary and Central Savings and Credit Cooperatives in the Democratic Republic of Congo. It mandates specific licensing requirements, defines the faîtière's role in financial education and network supervision, and prescribes internal management policies for liquidity, credit, and risk. The regulation requires the constitution of a security fund financed by a 1% levy on net credit outstanding, capped at 10% of the network's total assets, and enforces strict ethical standards, annual on-site inspections, and detailed financial reporting to the Central Bank of Congo.
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