Sept 30 date to register microfinance firms
View(s):All microfinance companies operating legally need to register under the new Microfinance Act No.6 of 2016 on or before September 30, 2017, according to the Central Bank (CB).
Though the Act was made law in July last year, there are provisions for the CB’s Monetary Board to specify a date in which it becomes operative for companies to seek a licence through a gazette notification.
Earlier this month, the CB issued a gazette notifying the public that any person who has carried on a microfinance business on the date the Act became operational and thereafter must apply for a licence to continue the business “on or before 30th September 2017”.