RM-2.8 RM-2.8 The CBB's Approach to Microfinance Credit Facilities
RM-2.8.1
Licensees must implement a sound internal controls framework, including an effective credit culture (see Section RM-2.7).Licensees must display and communicate charges and the APR clearly (see Section BC-1.4).July 2014RM-2.8.2
The CBB requires
licensees to demonstrate transparency in their dealings with theircustomers , as regards the costs and terms of their lending.July 2014RM-2.8.3
The measures presented in this Chapter should be viewed as minimum standards, rather than best practice. They are aimed at encouraging prudent lending and full, frank and fair disclosures, rather than dictating comprehensively how
licensees should engage in microfinance credit facilities.July 2014