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2019-11-25 | Circular No. 8 of 2019

Limits on e-Money Accounts, Stored Value, Day and Transaction Caps

The Central Bank of Sri Lanka issued Payment and Settlement Systems Circular No. 08 of 2019 to regulate mobile phone-based e-money systems by limiting customers to one account per individual per system. The directive sets the maximum stored value at Rs. 50,000 for enhanced KYC accounts and Rs. 10,000 for basic accounts, with corresponding daily transaction and top-up limits. Licensed operators must ensure compliance with these account restrictions and monetary caps effective from 02 December 2019.

Sri Lanka

Central Bank of Sri Lanka

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ගෙවීම් සහ පියවීම් දෙපාර්තමේන්තුව | கொடுப்பனவுகள், தீர்ப்பனவுகள் திணைக்களம் | Payments and Settlements Department

Ref: 34/01/025/0018/002

25 November 2019

To: CEOs of Licensed Operators of Mobile Phone Based e-Money Systems

Circular on Number of e-Money Accounts, Individual Stored Value Limits, Day Limits and Transaction Limits Applicable for Customer e-money Accounts

This is to inform you that the Monetary Board of the Central Bank of Sri Lanka has approved the increase of the individual stored value limit applicable to e-money accounts with enhanced KYC to Rs. 50,000.00. In addition, the Monetary Board instructed that opening or maintaining e-money accounts shall be limited to one e-money account per individual in each system irrespective of the mobile network used by the e-money account holder to connect to the e-money system.

Accordingly, Payment and Settlements Systems Circular No. 08 of 2019 is issued to specify the number of e-money accounts, individual stored value limits, day limits and transaction limits applicable for customer e-money accounts.

You are hereby informed to ensure compliance to the condition of limiting one e-money account per individual within six months from the effective date of the aforementioned Circular.

Yours faithfully

[Signature] D Kumaratunge Director Payments and Settlements

8 වන මහල, අංක 30, ජනාධිපති මාවත, | 8 ஆம் மாடி, இல. 30 சனாதிபதி மாவத்தை கொழும்பு 1 | Level 8, No. 30, Janadhipathi Mawatha, Colombo 1 තැ. පෙ. 590, කොළඹ 01, ශ්‍රී ලංකාව | த. பெ. இல. 590, கொழும்பு 01, இலங்கை | P. O. Box 590, Colombo 01, Sri Lanka. ( 94 11 2477042 94 11 2387009 | [Envelope icon] psd@cbsl.lk | [Globe icon] www.cbsl.gov.lk

[Logo] ශ්‍රී ලංකා මහ බැංකුව இலங்கை மத்திய வங்கி CENTRAL BANK OF SRI LANKA

25 November 2019

Payment and Settlement Systems Circular No. 08 of 2019

To: CEOs of Licensed Operators of Mobile Phone based e-Money Systems

Number of e-Money Accounts, Individual Stored Value Limits, Day Limits and Transaction Limits Applicable for Customer e-money Accounts

This Circular is issued to specify the number of e-money accounts that can be opened for each customer and individual stored value limits, day limits and transaction limits applicable for such e-money accounts as per the regulation No. 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.

Opening and/or maintaining e-money accounts shall be limited to one e-money account per individual in each mobile phone based e-money system irrespective of the mobile network used by the e-money account holder to connect to the mobile phone based e-money system.
Applicable Limits 2.1 Individual Stored Value Limit 2.1.1 Enhanced e-money accounts - Maximum hold value Rs. 50,000.00 2.1.2 Basic e-money accounts - Maximum hold value Rs. 10,000.00 Operators of mobile phone based e-money systems shall allow the maximum hold value of Rs. 50,000.00 only for e-money accounts that have completed enhanced Know Your Customer (KYC) requirements. 2.2 Day limits 2.2.1 Enhanced e-money accounts - The total amount of e-money received and/or topped up to an enhanced wallet shall not exceed Rs. 50,000/- per day and the total amount of e-money transferred and/or withdrawn from an enhanced wallet shall not exceed Rs. 50,000/- per day. 2.2.2 Basic e-money accounts - The total amount of e-money received and/or topped up to a basic wallet shall not exceed Rs. 10,000/- per day and the total amount of e-money transferred and/or withdrawn from a basic wallet shall not exceed Rs. 10,000/- per day. 2.3 Transaction limits 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 e-money system.
This Circular will be effective from 02 December 2019.

[Signature] D Kumaratunge Director Payments and Settlements