MICROCAPITAL BRIEF: East African Community (EAC) Seeks to Align Microfinance Institution Regulation

The National Bank of Rwanda (BNR) recently announced that it hosted a regional meeting of central bankers and regulators to discuss the alignment of rules and regulations that govern the microfinance industry within the countries of the East African Community (EAC), which includes the Republics of Kenya, Uganda, Rwanda and Burundi and the United Republic of Tanzania.

The participants discussed the benefits and challenges of microfinance regulation alignment, access to finance and microfinance regulation and supervision. The harmonization initiative is part of the regional Monetary Affairs Committee mandate of the EAC, through which the EAC’s central bank governors are responsible for enhancing monetary and financial cooperation.

By Jennifer Shevock, Research Associate

About the National Bank of Rwanda:
Founded in 1964, The National Bank of Rwanda (NBR) is Rwanda’s central bank. Its purpose is to define and implement monetary policy; organize, supervise and regulate the foreign exchange market; supervise and regulate the activities of financial institutions (notably banks, microfinance institutions, insurance companies, social security institutions, collective placement companies and pension funds); supervise and regulate payment systems; and mint and manage money. NBR also operates Rwanda’s Securities Exchange. In 2009 NBR reported total assets of RWF 727 billion (equivalent to USD 1 billion).

Sources and Additional Resources:
“East Africa: EAC Seeks to Harmonise Regulation of MFIs” September 9, 2010. http://allafrica.com/stories/201009090052.html

MicroCapital Universe: The National Bank of Rwanda: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+National+Bank+of+Rwanda

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