MUTRAGUI and SONAG: license withdrawal

The Central Bank of the Republic of Guinea (BCRG) has withdrawn, on 30 April 2024, the licenses of both Société Nouvelle d'Assurances de Guinée (SONAG) and Mutuelle des Travailleurs de Guinée (MUTRAGUI) with immediate effect.

This measure implies the automatic cessation of business for the companies concerned, and their removal from the list of companies authorized to carry out insurance operations in the country.

The BCRG has not disclosed the reasons for this decision, although according to some sources, the license withdrawal was prompted by the failure of both companies to comply with current regulations.