Decision No. 003/2019-CSBF Approving Orange Money Madagascar as an Electronic Money Institution

CENTRAL BANK OF MADAGASCAR BANKING AND FINANCIAL SUPERVISION COMMISSION

DECISION NO. 003/2019-CSBF

APPROVING ORANGE MONEY MADAGASCAR AS AN ELECTRONIC MONEY INSTITUTION

The Banking and Financial Supervision Commission (CSBF),

Having regard to Law No. 95-030 of 22 February 1996 on the activity and supervision of credit institutions, as amended,

Having regard to Law No. 2016-056 of 2 February 2017 on electronic money and electronic money institutions,

Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017, establishing the Statutes of the Central Bank of Madagascar,

Having regard to Decree No. 2014-1684 of 29 October 2014 appointing the Governor of the Central Bank of Madagascar,

Having regard to Decree No. 2016-151 of 8 March 2016 partially repealing Decree No. 2013-559 of 23 July 2013 and appointing two members of the Banking and Financial Supervision Commission (CSBF),

Having regard to Decree No. 2017-917 of 3 November 2017 appointing a member of the Banking and Financial Supervision Commission (CSBF),

Having regard to Decree No. 2017-851 of 26 September 2017 implementing Law No. 2016-056 of 2 February 2018 on electronic money and electronic money institutions,

Having regard to Instruction No. 002/2017-CSBF of 29 September 2017 on the approval of electronic money institutions,

Having regard to Decision No. 012/2012-CSBF of 21 December 2012 authorizing Orange Money Madagascar as a banking intermediary for the Malagasy Ocean Bank (BMOI),

Having regard to the application for approval as an electronic money institution submitted on behalf of Orange Money Madagascar on 7 May 2018 and the supplementary information provided on 18 October 2018 and 8, 15, and 21 February 2019,

Whereas Orange Money Madagascar complies with the applicable legislative and regulatory provisions and its approval may be granted,

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DECIDES

ARTICLE 1 Orange Money Madagascar, whose registered office is located at La Tour, Ravoninahitriniarivo Street, Ankorondrano - Antananarivo, is hereby approved as an electronic money institution (EMI).

In this capacity, Orange Money Madagascar is authorized to routinely carry out the following mobile electronic money operations, as defined by Law No. 2016-056 of 2 February 2018 on electronic money and electronic money institutions, namely:

• the issuance of electronic money,
• the funding of electronic money media,
• the withdrawal of funds from electronic money media,
• the transfer of electronic money,
• the storage of electronic money.

ARTICLE 2 This approval is issued subject to the fulfillment of the following suspensive conditions:

• the completion of the transformation formalities for Orange Money Madagascar in accordance with its status as an electronic money institution and the submission of the following documents:
  • final articles of association;
  • an updated extract from the trade and companies register;
• the implementation of the project in accordance with the approval application file;
• the submission of an action plan for external auditing of the entire information and management system as well as the technical architecture, including timelines for recruiting the external auditor and producing the audit report.

Orange Money Madagascar must fulfill these conditions within six (6) months from the notification of this decision.

ARTICLE 3 This decision shall take effect from the date of notification by the CSBF President to Orange Money Madagascar acknowledging the fulfillment of the suspensive conditions set forth in Article 2 above.

Decision No. 012/2012-CSBF of 21 December 2012 referenced above shall become void upon the fulfillment of said conditions.

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ARTICLE 4 This decision shall be published in the Official Journal of the Republic and in at least one legal announcements newspaper, at the expense of the institution.

Thus deliberated and adopted at the meeting of the Banking and Financial Supervision Commission on 1 March 2019.

For the Banking and Financial Supervision Commission, The President,

THE GOVERNOR ALAIN H. RASOLOFONDRAIBE

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