The exercise of the Microfinance activity is subject to the approval of the Monetary Authority after approval by COBAC. For example, the Accreditation Committee sits in 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 is returned 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 umbrella organ

• • A stamped request signed by the BCP specifying the category requested ;
  • A certificate of registration or registration (advertising or the advisory act) ;
  • The list and approval acts (if any) of affiliated EMFs ;
  • The list of founding EMFs ;
  • The minutes of the General Assembly constituting the umbrella body
  • The minutes of the General Assembly of each EMF authorizing its membership of the network ;
  • The status and internal regulations of the umbrella body ;
  • The files of executives and key managers ;
  • The composition of the management, administrative and supervisory bodies ;
  • Information on the control system for affiliated EMFs ;
  • Human resources, technical and financial means of the governing body ;
  • Documents attesting to the payment of the shares or shares ;

 

• The certified accounting documents of the last three (03) financial years of the founding institutions and the provisional accounts over three (03) years of the umbrella body.