The operation of microfinance activities, as defined in Article 1 of the Regulations, is subject to approval by the Monetary Authority following a favourable opinion from the Banking Commission.
The application for approval of an institution in one of the categories referred to in Article 1 of these Regulations must be submitted to the Monetary Authority.
The Monetary Authority has three (3) months, after receiving the complete application, to forward it to the Banking Commission. After this period, the application may be submitted directly to the Banking Commission by the promoters. The COBAC (Central African Banking Commission) can only issue its opinion after being consulted by the Monetary Authority.
The institution's application, along with those of its directors and auditors, must be submitted in duplicate, against receipt. It must include the following documents and information:
- A stamped application specifying the category requested;
- The registration certificate;
- The minutes of the founding general meeting;
- The establishment's articles of association;
- The list of founding members or shareholders;
- The members of the board of directors or equivalent body, if applicable;
- Documents attesting to payments for subscribed shares,
- Accompanied by bank statements or any other equivalent document;
- Three-year activity, establishment, and organizational forecasts etc.
The Monetary Authority forwards the file to the Banking Commission for its approval. The Commission is authorized to gather all information deemed useful and has three (3) months from the date of receipt of the complete file by its General Secretariat to issue a decision. The absence of a decision by the end of this period constitutes approval.
The Monetary Authority provides reasons for the refusal of authorization and notifies the applicant. The decision granting authorization to the institution is published in the Official Gazette, in a legal notices journal, or in the Banking Commission Bulletin.
It specifies the category in which the institution is classified and lists, as necessary, the operations authorized for it.
The Monetary Authority may withdraw the institution's authorization either at the request of the institution or its governing body, or automatically when the institution no longer meets the conditions of its authorization.
When the institution has not used its authorization within twelve (12) months or has not been operating for six (6) months, this authorization becomes invalid.