The exercise of the Microfinance activity is subject to the approval of the Monetary Authority after approval by COBAC.

Thus, the accreditation committee sits at the Ministry of Finance. The files are reviewed and examined by the members of the committee under the chairmanship of the Director General of the Treasury of Financial and Monetary Cooperation, representatives of the professions of the structures in charge of Microfinance within the Ministry, the representative of the Secretary General, and the Legal Affairs Division. Files that do not have any anomalies are forwarded to COBAC for approval. And when this assent is given it returns to the Monetary Authority that issues the approval.

To obtain approval, the EMF’s application file for approval is accompanied by that of its Managers and Auditors and is submitted in duplicate to the Monetary Authority. In particular, it must include the following documents:

Approval file for an independent EMF:

• a stamped request signed by the BCP specifying the category requested on letterhead ;
• a certificate of registration or registration (advertising or the advisory act)
• the minutes of the constituent General Assembly ;
• the status of the establishment
• the list of founding members or shareholders ;
• the list of members of the board of directors or body in its place, if applicable
• documents attesting to payments in respect of the payment of the shares or subscribed shares, accompanied by bank statements or any other document in lieu thereof ;
• forecasts of implementation and organizational activity over three (03) years
• the details of the technical and financial means to be implemented, as well as any other information likely to inform the competent authorities…