Regulatory Alerts2023-08-29
Added · Updated
Circular Amending Board Decision No. 2016/120 Regarding Co-Branding Services for Electronic Money Accounts and Prepaid Cards by Licensed Money Exchange Companies
The Central Bank of Jordan amends Board Decision No. 2016/120 to permit licensed money exchange companies to offer co-branding products for electronic money accounts and prepaid payment cards within their agency activities with electronic payment and money transfer companies. This authorization is subject to compliance with relevant legislation, the separate proof of revenues realized from these activities, and obtaining necessary Central Bank approvals for the specific money exchange companies involved.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 10/27/144/9 Date: 10/5/1445 AH Corresponding to: 27/8/2023 AD
Circular to Licensed Money Exchange Companies
Subject: "Permitting Licensed Money Exchange Companies to Offer Co-Branding Products for Electronic Money Accounts (E-Wallets) Services and Issuing Prepaid Payment Cards, Within the Scope of Agency Activities with Electronic Payment and Money Transfer Companies"
Greetings,
Based on the provisions of Article (16/e) of the Money Exchange Activities Law No. (44) for the year 2015, and the Circular issued by the Central Bank of Jordan No. (8230/2/26) dated 2023/4/26, and subsequently following the esteemed Board of Directors' Decision No. (2016/120) dated 2016/7/31 regarding transactions of licensed money exchange companies as agents for electronic payment service providers, and as stated in the Central Bank Circular No. (11207/14/3/9) dated 2016/8/17, we hereby inform you of the amendment to Decision No. (2016/120) dated 2016/7/31 to include permitting licensed money exchange companies to offer Co-Branding Products for Electronic Money Accounts (E-Wallets) services and issuing Prepaid Payment Cards, within the scope of agency activities with Electronic Payment and Money Transfer Companies, subject to compliance with the following conditions:
- Compliance with the provisions of relevant legislation, specifically the Instructions for Dealing with Agents for Electronic Payment and Money Transfer Service Companies in force.
- Proving the revenues realized from its work in the above activity separately.
- Ensuring that the money exchange companies through which the product is to be offered obtain the necessary approvals from the Central Bank as required.
Please accept our highest regards,
The Governor Dr. Adel Al-Sharkas