On 6 December 2021, the NBC issued a Notification No. B7-021-2083 on Cessation of Granting New Microfinance Deposit-Taking Institutions License. The NBC decided to cease granting of new license for microfinance deposit-taking institutions in order to further strengthen banks and financial institutions’ capacity, inspection, financial stability and contribution to national economic development.
However, the NBC would like to encourage all investors to invest in banks and financial institutions that are currently doing business and encourage the merger of existing banks and financial institutions for the purposes of improving the quality, efficiency and affordability of financial services for companies, enterprises and the public.
Should you require any legal support in the above matters, please contact our team at [email protected].
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
