Decision No. 012/2019-CSBF Approving Airtel Mobile Commerce Madagascar as an Electronic Money Institution

CENTRAL BANK OF MADAGASCAR

BANKING AND FINANCIAL SUPERVISION COMMISSION

DECISION NO. 012/2019-CSBF

APPROVING THE COMPANY AIRTEL MOBILE COMMERCE MADAGASCAR AS AN ELECTRONIC MONEY INSTITUTION

The Banking and Financial Supervision Commission (CSBF),

Having regard to amended Act No. 95-030 of 22 February 1996 concerning the activity and supervision of credit institutions, as amended,

Having regard to Act No. 2016-056 of 2 February 2018 on electronic money and electronic money institutions,

Having regard to Act No. 2016-004 of 29 July 2016, supplemented by Act No. 2016-057 of 2 February 2017, establishing the Statutes of the Central Bank of Madagascar,

Having regard to Decree No. 2014-1684 of 29 October 2014 appointing the Governor of the Central Bank of Madagascar,

Having regard to Decree No. 2017-917 of 3 November 2017 appointing a member of the Banking and Financial Supervision Commission (CSBF),

Having regard to Decree No. 2017-851 of 26 September 2017 implementing Act No. 2016-056 of 2 February 2018 on electronic money and electronic money institutions,

Having regard to Instruction No. 002/2017-CSBF of 29 September 2017 concerning the approval of electronic money institutions,

Having regard to Decisions No. 005/2010-CSBF of 29 July 2010 and No. 005/2015-CSBF of 9 June 2015 authorizing Airtel Mobile Commerce Madagascar as a banking operations intermediary for Bank of Africa Madagascar (BOA), No. 002/2015-CSBF of 20 February 2015 and No. 008/2015-CSBF of 9 September 2015 authorizing Airtel Mobile Commerce Madagascar as a banking operations intermediary for Baobab Banque Madagascar, and No. 004/2015-CSBF of 9 June 2015 authorizing Airtel Mobile Commerce Madagascar as a banking operations intermediary for BGFIBank Madagascar,

Having regard to the application for approval as an electronic money institution submitted on behalf of Airtel Mobile Commerce Madagascar on 2 November 2018 and the supplementary information provided on 30 January, 28 March, 29 May and 21 June 2019,

Whereas the company complies with the applicable legislative and regulatory provisions and its approval may be granted,

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DECIDES

ARTICLE 1:

Airtel Mobile Commerce Madagascar, whose registered office is located at Kube B Building, Galaxy Andraharo Zone - Antananarivo, is hereby approved as an electronic money institution (EMI).

In this capacity, Airtel Mobile Commerce Madagascar is authorized to routinely carry out the following mobile phone electronic money operations, as defined by the aforementioned Act No. 2016-056:

• the issuance of electronic money;
• the funding of electronic money instruments;
• the withdrawal of funds from electronic money instruments;
• the transfer of electronic money;
• the storage of electronic money.

ARTICLE 2:

This approval is issued subject to the fulfillment of the following suspensive conditions:

• the completion of the transformation formalities for Airtel Mobile Commerce Madagascar in accordance with its status as an electronic money institution and the submission of the following documents:
  • final articles of association;
  • updated extract from the trade and companies register;
• the implementation of the project in accordance with the approval application file;
• the appointment of an independent IT auditor to audit all infrastructure and the submission of an action plan addressing the auditor's recommendations;
• the submission of criminal record extracts (Bulletin No. 3) dated less than three months ago for Messrs. Eddy Kayembe KAPUKU, Olivier POGNON and Gareth Alwin HARRISON, as well as the curriculum vitae of Mr. Eddy Kayembe KAPUKU.

Airtel Mobile Commerce Madagascar is required to fulfill these conditions, to which the approval is subject, within six (6) months from the notification of this decision.

ARTICLE 3:

This decision shall take effect from the date of the notification letter from the President of the CSBF addressed to Airtel Mobile Commerce Madagascar acknowledging the fulfillment of the conditions set out in Article 2 above.

The aforementioned Decisions No. 005/2010-CSBF of 29 July 2010, No. 002/2015-CSBF of 20 February 2015, No. 004/2015-CSBF and No. 005/2015-CSBF of 9 June 2015, and No. 008/2015-CSBF of 9 September 2015 shall become void upon the fulfillment of the suspensive conditions attached to this approval decision.

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ARTICLE 4:

This decision shall be published in the Official Journal of the Republic and in at least one legal announcements newspaper at the expense of the institution.

Thus deliberated and adopted at the meeting of the Banking and Financial Supervision Commission on 6 September 2019.

For the Banking and Financial Supervision Commission, The President,

THE GOVERNOR
Alain H. RASOLOFONDRAIBE

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