The Bank of Cape Verde has published the final report for Public Consultation No. 01/2024, which covered proposed amendments to the notices implementing Cape Verde’s legal regime for microfinance activity and microfinance institutions. The consultation involved four draft notices amending a set of existing 2016 notices. The proposed changes were described as targeted adjustments, including redefining the scope of application, removing provisions that undermined the application of the notices to Category B and C institutions, revising the classification of risk levels, and extending the deadline for mandatory information reporting to reflect the reporting model applied. The stated objective was to support compliance by microfinance institutions as financial institutions, strengthen oversight by the Microfinance Office, and improve coherence and convergence within the financial system’s regulatory framework. The consultation period ran until 11 April 2024.
Bank of Cape Verde 2025-01-17
Bank of Cape Verde publishes final report of consultation on targeted amendments to microfinance regulatory notices
The Bank of Cape Verde released the final report for Public Consultation No. 01/2024, detailing amendments to the microfinance legal regime. Key changes include redefining application scope, revising risk classification, and extending reporting deadlines to enhance compliance and oversight.