The MiFFCO has been setup pursuant to Article 13 (4) of the Protocol on Finance and Investment and Paragraph 11.1(a) of the CISNA Rules.
The purpose of the MiFFCO is to address sector specific issues to ensure achievement of the objects of CISNA in particular the microfinance and financial co-operatives sectors.
The mandate of the MiFFCO is to execute the objects of CISNA as defined in paragraph 2 of the CISNA Rules and in particular to promote harmonisation of legislation and supervisory frameworks in the microfinance and financial co-operatives sectors.
The MiFFCO shall consist of a minimum of five and a maximum of nine members, elected by the General Council in accordance with Paragraph 12 of the CISNA Rules.
The current composition of the MIFFCO is as follows:
Reserve Bank of Zimbabwe
Financial Services Authority
Financial Sector Conduct Authority
Reserve Bank of Malawi
Non-Bank Financial Institutions Regulatory Authority
Bank of Zambia
The Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) was established in 1998, pursuant to Annexure 10 of the SADC Protocol on Finance and Investment as a committee of authorities responsible for the supervision of insurance, securities, and non-banking financial institutions (NBFI) in SADC Member States. CISNA is part of the Directorate of Finance, Investment and Customs of the SADC Secretariat and reports to the SADC Committee of Ministers of Finance and Investment through the Committee of Senior Treasury Officials.