Effective from 2019-12-10 - Dec 09 2019 To view other versions open the versions tab on the right
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.
