Regulatory Alerts2023-04-25
Added · Updated
Requirements for Licensing and Renewal of Microfinance Business Directives No. MFI/23/2013
The National Bank of Ethiopia establishes requirements for obtaining and renewing microfinance business licenses, replacing NBE Directives No. MFI/04/96 and parts of MFI/01/96. Applicants must appoint a qualified project manager, submit detailed applications including business plans and propriety test questionnaires for organizers and directors, and pay specified fees of 1,000 birr for investigation, licensing, and annual renewal. Licensed institutions are required to maintain comprehensive operational policies, adequate staffing, specific physical premises standards, and insurance coverage, while displaying their valid license at all times.
Topics
Share