Regulatory Alerts2017-09-26
Decree No. 2017-851 Implementing Law No. 2016-056 of February 2, 2017 on Electronic Money and Electronic Money Institutions
Issued by the Prime Minister of Madagascar on the proposal of the Minister of Finance and Budget, this Decree implements Law No. 2016-056 by establishing a mandatory minimum paid-up capital of five hundred million ariary for electronic money institutions and requiring their assets to consistently exceed liabilities by at least that capital amount. It mandates the Banking and Financial Supervision Commission (CSBF) to ensure sector competitiveness, enforce technological security standards for electronic money transactions, and approve external annual audits of institutional infrastructure. The Decree applies to both newly licensed electronic money institutions and existing credit entities, takes immediate effect upon radio broadcast publication, and requires a capital top-up where necessary.