Regulatory Alerts2020-03-24
Added · Updated
Instruction No. 43 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 the Congo mandates electronic money issuers to suspend transfer fees for transactions between holders and between electronic money and bank accounts, while allowing issuers to use up to 75% of interest generated on escrow funds from April to December 2020 to offset lost revenue. The instruction sets a maximum instrument value of USD 7,500 and a daily payment ceiling of USD 2,500 for electronic money holders, with no monthly limit. Additionally, the Central Bank eliminates variable fees for Automated Transfer System (ATS) operations below 2,500,000 Congolese Francs. These measures are effective immediately and remain in force until the end of December 2020.
More like this from BCC
We email you every new BCC publication the day it's published.