NBFIRA issues Prudential Rules for Systemically Important Micro-Lenders

NBFIRA has issued the Prudential Rules for Systemically Important Micro-Lenders (2019) to regulate the establishment, operations and business conduct of such Micro-Lenders. A “Systemically Important Micro Lender” is a Micro-Lender who meets at least two of the following thresholds:

a.            Annual revenue of P200 million;

b.            200 employees;

c.            Total assets of P50 million; and

d.           Total liabilities of P 50 million, excluding shareholders’ equity

These Prudential Rules became effective from 1st April 2019 and are available on the NBFIRA website. Entities which fall under this classification are granted a period of six (6) months from the effective date, within which to put the necessary measures in place to ensure compliance with the Rules.

Should you require any further clarification, please do not hesitate to contact the NBFIRA Lending Activities Department on 368 6100/310 2595.