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Directive No. MFI/14/2002 - Penalty for Failure to Comply with the Requirements of Proclamation No. 40/19996 and Directives of the National Bank of Ethiopia
The penalties for microfinance institutions that do not meet the regulatory requirements in Ethiopia
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This directive of the National Bank of Ethiopia states that microfinance institutions (MFIs) failing to comply with the microfinance regulations are liable to pay a fine of Birr 3000.
Other provisions of this directive are regarding:
- Penal interest on non payment of penalty;
- Penalty on failure to submit external audit reports within six months of the closure of the financial year;
- Penalty on failure to renew business license within one month from the date of expiry.
The document also states that the National Bank of Ethiopia may waive the imposition of penalty if the circumstances that led to non-compliance are found acceptable.
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