The Regulation of Microfinance Financial Institutions, approved in a presidential decree of 18 July to which Lusa had access, prohibits them from carrying out foreign exchange operations and establishes requirements and procedures for their constitution, operation, supervision and monitoring.
It determines that the constitution of IFMs depends on the authorization to be granted by the BNA, an entity that is responsible for establishing, by its own regulations, the share capital as well as the operational rules of these organizations.
According to the decree signed by President João Lourenço, MFIs are authorized to carry out activities involving attracting deposits of small amounts, granting credits of small amounts, financial investments in securities and term deposits and issuing national brand cards.
Microfinance Financial Institutions that intend to carry out the activity of providing payment services must adapt to specific legislation and regulations, the presidential decree also states.
