Burundi has a relatively small developing financial sector which is dominated by banking with over 75 % of total economy assets. The insurance companies are regulated by the Insurance Regulation and Control Agency.
Role of financial sector
- Source of government revenue through taxes
- Financial sector is a source of employment to the people in the country
- Financial sector’s ability to play its role of mobilizing savings, conducting effective intermediation among the Burundi people
- The sector create appropriate environment, developing institutions and fostering market incentives for the development of long-term financial instruments
- Financial institutions help in reducing risks for banks
- The sector also contributes to the process of economic development of the country through advancing loans to different sectors and individuals
Regulatory Framework in the Financial
Ministry of Finance and Economic Development Planning
The Ministry is charged with implementing Burundi’s financial and monetary policy and contributing to sound management of public finances, economic and social development.
The Bank of the Republic of Burundi (BRB)
The Bank of the Republic of Burundi (BRB) is the central bank which regulates the financial sector.
Insurance Regulation and Control Agency
Insurance companies are regulated by the Insurance Regulation and Control Agency in Burundi.
The Financial Sector of Burundi has been summarized to include the following