The Draft Micro Finance Regulations 2003, Supporting Schedules and Explanatory Notes

Publication Date: 4 Mar 2003
Published by: Bank of Zambia
Document Type: Other (PDF)

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A draft version of the Banking and Financial Services (microfinance) Regulations, 2003

This directive includes the provisions related to microfinance regulations and three supporting schedules. The Act states that the bank of Zambia shall be the regulatory authority for the purposes of giving effect to these regulations.

The act encompasses provisions for:

• Licensing requirements for microfinance institutions (MFIs), and categories of license;
• Governance, supervision and mode of operation of MFIs.

The entry criteria schedules consist of:

• Requirements for registering as a MFI;
• Form for application for registration and operation as a MFI in Zambia ;
• Director’s questionnaire ;
• Declaration by Chairman of the MFI, or auditor, in case of a new MFI;
• Proposed fee structure;
• On-going reporting schedules.

The third section of the Act covers exit schedules:

• Notice of possession of microfinance limited.
• Press statement for the possession of microfinance limited.

The Act concludes with explanatory notes to provide a detailed rationale and justification for the regulations on MFIs.