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

• A copy of a birth certificate ;
• Two (02) passport photos ;
• A curriculum vitae dated and signed ;
• Copies of diplomas ;
• An extract from the minutes of the appointment of the person concerned ;
• A certificate of residence ;
• A criminal record extract ;
• A valid residence permit for foreigners.