Burkina/Microfinance: the government will work to “close” illegal structures

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The transitional government of Burkina Faso adopted, at the Council of Ministers of January 11, 2023, a project aimed at proceeding with the “closure” of structures carrying out the activity of microfinance without authorization.

The Council of Ministers of Wednesday, January 11, 2023 adopted, under the Ministry of Economy, Finance and Prospective, four reports, the fourth report of which relates to a draft decree on the creation, powers, composition and operation of the National Microfinance Committee (CNM).

According to the project, the mission of the CNM is to strengthen the stability and viability of the microfinance sector. As such, it is responsible, in particular, for “adopting a priority action plan aimed at cleaning up the microfinance sector; to hear the leaders of decentralized financial systems who have breached the rules of good conduct of the profession and to proceed with the closure of structures carrying out the microfinance activity without authorisation”.

The adoption of this decree, indicates the final report of the Council of Ministers, will make it possible to strengthen the regulatory system for monitoring microfinance structures with a view to their development.

By Bernard BOUGOUM

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