Regulatory Alerts2023-12-29 | Circular No. 4 of 2023Individual Stored Value, Day, and Transaction Limits for Customer e-Money Accounts
The Central Bank of Sri Lanka issued Circular No. 4 of 2023 to establish specific monetary limits for mobile phone-based e-money accounts under the Payment Cards and Mobile Payment Systems Regulations. The directive sets maximum stored value caps at Rs. 150,000 for enhanced KYC accounts and Rs. 20,000 for basic accounts, with daily transaction and withdrawal limits mirroring these respective thresholds. These regulations become effective on 01 January 2024 and require operators to enforce per-transaction limits equivalent to the account's individual stored value limit.
f.ùï iy mshùï fomd¾;fïka;=j nfhLg;gdTfs;> jPh;g ;gdTfs; jpizf;fsk; Payments and Settlements Department 8 jk uy," wxl 30" ckdêm;s udj;" 8 Mk; khb> ,y. 30 rdhjpgjp khtj ;ij nfhOk;G 1 Level 8, No. 30, Janadhipathi Mawatha, Colombo 1 ;e ' fm ' 590" fld<U 01" Ys% ,xldj j. ng. ,y. 590> nfhOk;G 01> ,yq;if P . O. Box. 590, Colombo 01, Sri Lanka. 94 11 2477042 94 11 2387009 psd@cbsl.lk www.cbsl.gov.lk 29 December 2023 Payment and Settlement Systems Circular No. 4 of 2023 To: CEOs of Licensed Operators of Mobile Phone based e-Money Systems Individual Stored Value Limits, Day Limits and Transaction Limits Applicable for Customer e-Money Accounts This Circular is issued to specify the individual stored value limits, day limits and transaction limits applicable for e-money accounts as per regulation 18 of the Payment Cards and Mobile Payment Systems Regulations No. 1 of 2013 and the Mobile Payments Guidelines No. 2 of 2011 for Custodian Account based Mobile Payment Services.
- Applicable Limits 1.1 Individual Stored Value Limit a. Enhanced e-money accounts – Maximum hold value Rs. 150,000.00 b. Basic e-money accounts – Maximum hold value Rs. 20,000.00 a. Enhanced e-money accounts Operators of mobile phone based e-money systems shall allow the maximum hold value of Rs. 150,000.00 only for e-money accounts that have completed enhanced Know Your Customer (KYC) requirements. b. Basic e-money accounts Operators of mobile phone based e-money systems shall allow the maximum hold value of Rs. 20,000.00 only after verifying the customer’s information obtained at the time of issuing a SIM. Verification shall be done through a secondary source such as a video call, visit to a customer care centre or by any other suitable means. For e-money accounts that do not have verified customer information as described above, the maximum hold value shall remain at Rs. 10,000.00. 1.2 Day Limits a. Enhanced e-money accounts The total amount of e-money received and/or topped up to an enhanced wallet shall not exceed Rs. 150,000/- per day and the total amount of e-money transferred and/or withdrawn from an enhanced wallet shall not exceed Rs. 150,000/- per day. Contd.
2 b. Basic e-money accounts The total amount of e-money received and/or topped up to a basic wallet (subject to the conditions in 1.1.2) shall not exceed Rs. 20,000/- per day and the total amount of e-money transferred and/or withdrawn from a basic wallet shall not exceed Rs. 20,000/- per day. 1.3 Transaction Limits The individual stored value limit of the e-money account shall be the maximum limit per transaction for each type of transaction facilitated by the mobile phone based emoney system. 2. This Circular will be effective from 01 January 2024. K V K Alwis Director Payments and Settlements