Regulatory Alerts2023-07-06
Added · Updated
Instruction No. 41 (Modification No. 1) to Microfinance Institutions Regarding Licensing, Statutory Amendments, and Other Elements Contributing to Licensing
The Central Bank of Congo establishes the conditions and procedures for the prior approval and authorization of microfinance institutions, including cooperatives, microfinance companies, and micro-credit enterprises. The regulation mandates specific documentation for licensing, requires a reference shareholder for microfinance companies, and imposes strict honorability and professional competence standards for board members, executives, and key function holders. It also defines the timelines for regulatory decisions and the scope of operations requiring prior consent or notification.
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