Regulatory Alerts2020-12-18
Restriction on Issuance of Electronic Money Licenses
The Bank of Tanzania has restricted electronic money license issuance exclusively to licensed Mobile Network Operators (MNOs) pursuant to Section 56(3) of the National Payment Systems Act, 2015. Effective 15 December 2020, the directive exempts banks and existing non-MNO entities that already hold an Electronic Money Issuance License. This regulatory measure strengthens oversight of electronic money operators and safeguards financial system stability.
THE GOVERNOR BANK OF TANZANIA Cable: 41024 “BENKUU” 2 Mirambo Street Tel. Gen: +255 22 2234494/7 P.O. Box 2939 Dir: +255 22 2233021/22 11884 DAR ES SALAAM Facsimile: +255 22 2234085 E-mail: governoroffice@bot.go.tz Ref. No. LB.178/179/01/13 18th December, 2020 To: All Payment Systems Providers RE: RESTRICTION ON ISSUANCE OF ELECTRONIC MONEY LICENSES Pursuant to Section 56(3) of the National Payment Systems Act, 2015, the Bank of Tanzania hereby issues this Circular to restrict issuance of electronic money license only to licensed Mobile Network Operators (MNOs) in the country with a view strengthen effective oversight of the Electronic Money Operators and safeguard the stability of the financial system. The restriction however does not apply to banks and non MNOs entities already issued with Electronic Money Issuance License from the Bank. The above directive shall take effect from 15th December, 2020. Prof. Florens D. A. M. Luoga GOVERNOR .