Microfinance Bill, 2012
H.B. 2, 2012
Act, the Registrar may, on good cause shown, extend the period at the request of the
microfinancier concerned.
52 Translations of documents, etc, may be demanded
Where any person for the purposes of this Act, submits any statement, document or other
information to the Reserve Bank or the Registrar in a language other than the English
language, the Reserve Bank or the Registrar, as the case may be, may direct him or her to
provide, at his or her own expense, a translation of the statement, document or information,
and until the person concerned complies with the direction the statement, document or
information shall be deemed not to have been submitted for the purposes of this Act.
53 Powers of Registrar where unregistered person is suspected of conducting
microfinance business
(1) Where the Registrar has reason to suspect that a person who is not registered is
conducting any microfinance business, he or she may⎯
(a) direct that person, by written notice, to supply, within a period stated in the notice,
any document or information concerning the person’s business or activities; or
(b) direct a supervisor to examine that person’s business in order to ascertain whether or
not suspicion is well-founded.
(2) Any person who fails to comply to the best of his ability with a notice in terms of
subsection (1)(a) shall be guilty of an offence and liable to a fine not exceeding level six.
(3) For the purposes of an examination in terms of subsection (1)(b), a supervisor may
exercise any of the powers conferred on a supervisor by section 47 of the Banking Act
[Chapter 24:20], any references in that section to banking business and a banking institution
being construed, respectively, as references to microfinance business and a person conducting
or suspected of conducting microfinance business.
(4) Any person who, without just cause, hinders or obstructs a supervisor in the conduct
of an examination in terms of subsection (1)(b) shall be guilty of an offence and liable to a
fine not exceeding level six.
(5) Nothing in this section shall be construed as limiting the power of a police officer to
investigate any offence in terms of this Act.
54 Preservation of secrecy and use of confidential information for personal
gain
(1) The following persons, namely⎯
(a) the Registrar or other officer referred to in section 4;
(b) any officer or employee of the Reserve Bank;
(c) any supervisor or inspector;
(d) any auditor of a microfinancier;
(e) any employee or agent of a person specified in paragraph (a),(b),(c) or (d);
shall not disclose any information which he or she has acquired in the performance of his or
her functions under this Act and which relates to the business or other confidential affairs of a
microfinancier.
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