Regulatory Alerts2020-03-24
Added · Updated
Instruction No. 43 (Modification No. 1) on the Promotion of Electronic Money and Relaxation of ATS Operations to Limit the Adverse Effects of the COVID-19 Pandemic on the Financial Sector
The Central Bank of Congo mandates electronic money issuers to suspend transfer fees between clients and between electronic money and bank accounts, while allowing issuers to use up to 75% of interest generated on escrow accounts from April to December 2020 to offset lost revenue. The instruction sets a maximum electronic money instrument value of USD 7,500 and a daily payment ceiling of USD 2,500 for holders, with no monthly limit. It also requires authorized aggregators to establish acceptance portals for card, electronic money, and online payments, and obliges banks to facilitate API access for innovators. Additionally, the Central Bank removes variable fees for Automated Transfer System (ATS) operations below CDF 2,500,000. These measures apply until the end of December 2020.
More like this from BCC
We email you every new BCC publication the day it's published.