Regulatory Alerts2017-05-05
Added · Updated
Instruction No. 24 on the Issuance of Electronic Money and Electronic Money Institutions
The Central Bank of Congo establishes the regulatory framework for electronic money issuance, requiring institutions to obtain prior approval, maintain a minimum paid-up capital of USD 2,500,000, and adhere to prudential rules including daily payment limits of USD 500 and monthly limits of USD 2,500. The instruction mandates that electronic money be redeemable at nominal value, prohibits the acceptance of public deposits or the granting of credit from issued funds, and imposes strict internal control, anti-money laundering, and periodic reporting obligations on issuers and distributors.