Regulatory Alerts2023-02-03
Added · Updated
Mobile Money Services Practice Guidance Note 2
Licensed Financial Institutions and Non-Financial Institutions must submit a formal application to the Central Bank of Solomon Islands to obtain approval for Mobile Money Services, including a detailed business plan and an agreement with a Partnering Financial Institution to establish an Escrow Account. The guidance sets specific limits on E-Money storage and transaction volumes, such as a maximum balance of thirty thousand Solomon Islands dollars for individual accountholders and a daily cumulative payment limit of eight thousand Solomon Islands dollars. Applicants are required to roll out services within 90 days of approval, maintain weekly reconciliations of accounts, and submit monthly statistics to the Central Bank within 25 days after the end of each month.