Regulatory Alerts2023-04-25
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Opening, Relocation and Closure of Branch or Sub-branch Offices of Microfinance Institutions Directive No. MFI/35/2022 (2nd Amendment)
The National Bank of Ethiopia establishes requirements for microfinance institutions to obtain a branch license within 30 working days of commencing operations or upgrading a sub-branch, while sub-branch openings and relocations require only written notification within the same timeframe. Branch closures are prohibited without prior written approval from the National Bank, necessitating a 30-day advance application and customer protection measures. Existing branches must apply for licensing under this directive within six months of its effective date, which is November 23, 2022.
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