Regulatory Alerts2023-04-25
Added · Updated
Requirements for Persons with Significant Influence in a Micro Finance Institution Directives No. MFI/21/2012
The National Bank of Ethiopia establishes fit and proper criteria for directors and chief executive officers of microfinance institutions, requiring board members to hold at least a diploma with three years of work experience and be at least 25 years old, while chief executive officers must hold a first degree, have five years of work experience including three in a managerial position, and be at least 25 years old. The directives prohibit directors or chief executive officers from serving simultaneously as directors of other financial institutions and require immediate notification to the regulator of any events affecting fitness and propriety. Appointment of these individuals is subject to National Bank approval, and the directives repeal Directive No. MFI/03/96, entering into force on June 1, 2012.
More like this from NBE
We email you every new NBE publication the day it's published.