Regulatory Alerts2019-09-06
Decision No. 012/2019-CSBF Approving Airtel Mobile Commerce Madagascar as an Electronic Money Institution
The Banking and Financial Supervision Commission of Madagascar has approved Airtel Mobile Commerce Madagascar as an electronic money institution, authorizing it to routinely conduct mobile-based electronic money issuance, funding, withdrawal, transfer, and storage operations. This approval is contingent upon the company fulfilling six specific suspensive conditions within six months, including finalizing its corporate transformation, implementing its approved project, appointing an independent IT auditor, and submitting recent criminal records and CVs for its key executives. Upon fulfillment of these conditions, the institution's previous banking intermediary authorizations will automatically lapse, and the decision will take effect upon official notification and publication in the Official Journal.