7th National Microfinance Week socializes new image and functions of financial institutions

Praia, Nov 4 (Inforpress) – Professional Association of Cabo Verde Microfinance Institutions (APIMF-CV) organizes today, in Praia, the 7th  National Microfinance Week focusing on the socialization of the new image and functions of Financial Institution.

Speaking to Inforpress, APIMF-CV Executive Secretary Ruth Cardoso clarified that after the transformation of the microfinance functions, which became financial institutions under the supervision of the Bank of Cabo Verde (BCV), there is a need to clarify their new assignments.

“From this year onwards all institutions are required to report on their activities to the central bank and because of this we focus this week on the institutions,” she explained.

She further stated that the entire bureaucratic part of the transformation had already been effected by fitting the institutions into the categories of savings and credit cooperatives and savings and credit mutuals. Within this framework, she reported that APIMF-CV now has seven financial institutions, with a new logo and certified by BCV, since they were previously part of non-governmental organizations (NGOs).



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