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Article 28

Effective from 2019-12-10 - Dec 09 2019
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A Consumer Microfinance Company must establish appropriate written organizational policies that includes work manuals and workflow procedures. Those policies must be kept up to date on a regular basis and they must be communicated to the concerned staff in a suitable and timely manner. The organizational policies must include rules for at least the following: 
 
 1.the organizational and operational structure, decision making and responsibilities;
 
 2.credit granting and operations;
 
 3.financial management and accounting;
 
 4.marketing and sales;
 
 5.information technology and security;
 
 6.customer service and collection;
 
 7.risk management, assessment, treatment, control and disclosure;
 
 8.internal supervision system;
 
 9.internal audit;
 
 10.committing to the related laws, regulations and instructions;
 
 11.outsourcing; and
 
 12.salaries, bonuses and incentives, including the salaries of members of Senior Management and staff and their motivation and remuneration of the Board and its committees.