The purpose of this document is to update the rules governing the activities of microfinance organizations (MFOs), including those operating on Islamic financing principles. It also provides for adjustments to reporting forms and norms related to guarantee funds.
Main Changes for MFOs and MFCs
According to the new resolution, microfinance organizations are required to maintain accounting records and prepare financial statements in strict accordance with the regulatory acts of the National Bank.
Microfinance companies that do not accept deposits will be required to comply with the economic standards of the NBKR, including minimum requirements for charter and own capital, limits on microloans and investments, as well as on loans from founders and the issuance of debt securities.
Perpetual subordinated debt will be accounted for in the calculation of the own capital of MFCs and MKKs. The resolution also clarifies the conditions of this debt: no repayment term, subordination of claims, the right of MFOs to suspend income payments, and a ban on early repayment without the consent of the National Bank.
New Capital and Risk Requirements
The concept of total capital of microfinance organizations has been introduced, with an adequacy standard of at least 9%. The requirements for the adequacy of own capital also remain in force, with clarifications.
The National Bank now has the right to establish individual economic standards and restrictions for specific microfinance companies based on the decisions of the Supervisory Committee.
Updates for Microcredit Companies and Agencies
The limits on the maximum amounts of microloans and financing have been revised, including:
- increased maximum amounts of microloans;
- amendments to interest rate limits for certain operations.
It is also stipulated that microcredit companies and agencies may invest only in MFOs, leasing companies, and banks, with the total volume of such investments not exceeding 30% of own capital, with certain transitional exceptions until April 1, 2026.
Dividends and Disclosure
The resolution clarifies the procedure for calculating dividends, which must be based on the lowest amount of net profit calculated according to IFRS and the requirements of the NBKR. The National Bank will be able to restrict or prohibit the payment of dividends in the event of losses, violations of standards, or non-compliance with directives.
Additionally, the forms of periodic reporting have been significantly updated, including the detailing of assets and liabilities, borrowings from founders, subordinated liabilities, major risks, GAP analysis, and operations compliant with Islamic financing principles.
Guarantee Funds
In the area of regulating guarantee funds, editorial changes have been made regarding the wording about the composition of the board of directors in the reporting.
The resolution comes into effect on April 1, 2026. The full text of the document is available at the link.
