Supervision of Microfinance
Especially in developing countries, microfinance has become an economy support base and a key means to promote entrepreneurship and job creation, and is no longer considered solely a tool for fighting poverty.
In Cape Verde, the work of microcredit institutions is noteworthy, as they have played an important role in stimulating activities in this sector, with visible and positive results in virtually all municipalities in the country.
In order to make transparency and sustainable development of these institutions possible, law 15/VII/2007 of September 10, 2007 was passed. This law assigns the Bank of Cape Verde (Banco de Cabo Verde; BCV) the responsibility of regulating and supervising the microfinance sector. Subsequently, the Microfinance Office (Gabinete de Micro Finanças - GMF) was created within BCV.