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2018-06-20

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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REPUBLIC OF MADAGASCAR Love - Homeland - Progress

MINISTRY OF FINANCE AND BUDGET

ORDER NO. 16,658/2018 Fixing the Application Fees for Electronic Money Institutions

THE MINISTER OF FINANCE AND BUDGET,

  • Having regard to the Constitution;
  • Having regard to Law No. 2016-056 of February 2, 2017 on electronic money and electronic money institutions;
  • Having regard to Law No. 95-030 of February 22, 1996 on the activity and supervision of credit institutions, as amended;
  • Having regard to Law No. 2016-004 of July 29, 2016, supplemented by Law No. 2016-057 of February 2, 2017, establishing the Statutes of the Central Bank of Madagascar;
  • Having regard to Decree No. 2014-1684 of October 29, 2014 appointing the Governor of Banky Foiben’i Madagascar;
  • Having regard to Decree No. 2017-121 of February 21, 2017 defining the powers of the Minister of Finance and Budget as well as the general organization of its Ministry.
  • Having regard to Decree No. 2016-151 of March 8, 2016 partially repealing Decree No. 2013-559 of July 23, 2013 and Decree No. 2017-917 of October 10, 2017 appointing the members of the Banking and Financial Supervision Commission;
  • Having regard to Decree No. 2018-529 of June 4, 2018 appointing the Prime Minister, Head of Government;
  • Having regard to Decree No. 2018-540 of June 11, 2018 appointing the members of the Government;
  • Having regard to Instruction No. 002/2017-CSBF of September 29, 2017 on the approval of electronic money institutions;

ORDER:

Article 1:

Pursuant to Article 33, paragraph 2 of the aforementioned Law No. 2016-056 of February 2, 2017, the application fee for electronic money institutions is set at fifteen million Ariary (15,000,000 Ariary).

This amount may be revised by order of the Ministry in charge of Finance upon proposal from the Banking and Financial Supervision Commission.

Article 2:

The applicant shall pay the application fee either by bank transfer to Banky Foiben’i Madagascar or by a banker's check made payable to it.

Proof of payment of the application fee shall be attached to the approval application as provided by the aforementioned Instruction No. 002/2017-CSBF of September 29, 2017.

The fees are non-refundable regardless of the outcome of the approval application.

Article 3:

This Order shall be published in the Official Gazette of the Republic of Madagascar.

Article 4:

Due to urgency, this Order shall enter into force immediately upon its publication via public notice, radio broadcast, and television broadcast, independently of its publication in the Official Gazette of the Republic of Madagascar.

Done at Antananarivo, on JUNE 20, 2018

The Minister of Finance and Budget (Signature) ANDRIAMBOLOLONA Vonintsalama Sehenosoa

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