Regulatory Alerts2018-01-01
General Authority for Financial Supervision Board Decision No. 9 of 2018 Amending Decision No. 173 of 2014 Regarding Microfinance Mobile Payment Regulations
The General Authority for Financial Supervision issued Board Decision No. 9 of 2018 to amend Decision No. 173 of 2014 by introducing two new articles that regulate the use of mobile payment systems in microfinance activities. The decision requires companies to obtain prior regulatory approval by submitting standardized contracts with Central Bank-supervised banks or licensed mobile operators, simplified customer guidance materials, and documented prior consent commitments for disbursement and repayment transactions. Approved entities must subsequently comply with strict operational controls, including maintaining secure transaction records for at least one year, promptly notifying the Authority of any contract amendments, and submitting quarterly usage reports alongside standard financial and regulatory filings.