Regulatory AlertsComoros: fintech & payments regulation
RegulatedComoros fintech regulated by BCC under Law 20-005/AU; licensing required for e-money and payments
- Lead regulator
- Banque Centrale des Comores (BCC)
- Also involved
- None identified
- Core law
- Law N°20-005/AU on Payment Services (2020)
- Entry capital
- Uncertain
- Approval timeline
- Uncertain
- Customer assets
- Uncertain
- Data protection
- Uncertain
- Sandbox
- No
The Comoros has a comprehensive regulatory framework for fintech, primarily governed by the Central Bank of the Comores (BCC). The core legislation is Law N°20-005/AU (2020), which regulates payment services and electronic money. The BCC issues specific regulatory decisions for licensing and supervision, including rules for distribution agents. The regime is active and enforced, requiring authorization for most digital financial activities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution[1] Requires authorization under Law 20-005/AU for payment services | — | — | Banque Centrale des Comores |
| E-money & wallet issuance | LicenceElectronic Money Issuer[1][2] Governed by Law 20-005/AU and Regulation 01/2017/BCC/DSBR | — | — | Banque Centrale des Comores |
| Domestic money transfer | LicencePayment Institution[1] Domestic transfers fall under payment service provider regulation | — | — | Banque Centrale des Comores |
| Cross-border remittance | LicencePayment Institution[1][3] Cross-border remittance requires authorization; specific caps exist for partners | — | — | Banque Centrale des Comores |
| Agent network | LicenceDistribution Agent[4] Strict eligibility and contract approval required under Decision 19-2021 | — | — | Banque Centrale des Comores |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified in source documents | — | — | — |
| Foreign-exchange services | LicenceManual Money Changer[5] Minimum capital of 25M KMF required for manual money changers | 25,000,000 KMF | — | Banque Centrale des Comores |
New — what changed recently
Market-entry checklist
- 1Obtain BCC AuthorizationApply for Payment Institution or E-money Issuer license under Law 20-005/AU
- 2Meet Capital RequirementsEnsure minimum capital of 25M KMF if operating as a manual money changer
- 3Register Distribution AgentsComply with Decision 19-2021 for any agent network setup
- 4Implement AML ComplianceAdhere to anti-money laundering obligations under Law 20-005/AU
- 5Standardize Account DetailsUse RIB for domestic and IBAN for international transfers per Regulation 014/2015
Sources
- Decree N°20-D9A/PR Promulgating Law N°20-005/AU on Payment Services and Payment Service Providers
- Regulation No. 01_2017_BCC_DSBR on Electronic Money
- Circular Letter No. 005/2009/COB/Union des Mecks on Money Transfer Operations
- Regulatory Decision No. 19-2021/BCC/DSBR on Distribution Agents of Electronic Money and Payment Institutions · 2021-12-10
- Regulation No. 001-2018 BCC/DSBR on Minimum Share Capital for Manual Money Changers