Regulatory Alerts2018-06-20
Order No. 16,658 of June 20, 2018 Fixing the Application Fees for Electronic Money Institutions
The Minister of Finance and Budget of Madagascar issued Order No. 16,658/2018 to establish a fixed application fee of fifteen million Ariary for electronic money institutions seeking regulatory approval. This non-refundable fee, payable via bank transfer or banker's check to Banky Foiben’i Madagascar, supports the licensing process outlined in Instruction No. 002/2017-CSBF and may be adjusted by the Ministry upon recommendation from the Banking and Financial Supervision Commission. The Order entered into force immediately upon publication through public notice, radio, and television broadcasts to ensure prompt regulatory compliance.
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