This is in accordance with COBAC regulation of 2016. The composition of the application file shall contain the following;
A general information sheet on the microfinance institution.
A notarized copy of the microfinance institution’s articles of association together with the rules of procedure and the code of ethics signed by the promoters.
A notarized copy of the minutes of the constituent general assembly.
The certificate of registration in the commercial register.
The list of shareholders, detailing for each of them, the number of shares held, the nominal value of the shares, the paid-up shares, the corresponding percentage holding and the equivalence in voting rights.
Shareholder information set out in this regulation.
Notarized declaration of subscription and payment of share capital.
The auditor’s report for any contribution in kind.
The statement of the bank account that received the paid-up capital.
The provisional composition of the board of directors distinguishing between executive directors, non-executive directors and independent directors.
Information on the persons designated as members of the board of directors, as laid down in these rules.
Information on the persons designated as Director General and Deputy Director General, as laid down in these rules.
Information on the persons designated as auditors, as laid down in the present regulation.
Information on the persons proposed for the position of director as set out in Article 12 of the rules.
The list and composition of the specialized committees which shall be established within the board of directors and their respective powers.
The list and composition of the specialized committees intended to assist the general management in the day-to-day management of the credit institution and their respective powers.
The provisional organization chart including the information defined in article 16 of the rules.
A five-year business plan including a description of the project, a strategic analysis of the market, the commercial strategy, the organization and implementation plans and the financial projections.
Details of the technical, financial and human resources to be used.
Five-year forecast of the balance sheet and profit and loss account etc.
The list is in exhaustive.