Comoros: fintech & payments regulation

Who regulates

• Banque Centrale des Comores

  Primary supervisor of payment services, electronic money, and financial institutions

  ^{[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17]}

Core laws & rules

• Law N°20-005/AU on Payment Services and Payment Service Providers (2020)

  Establishes the legal framework for regulating payment services, electronic money, and payment service providers, including obligations for user contracts, authentication, data protection, and AML compliance.

  ^[2]

• Banking Law No. 13-003/AU (2013)

  Establishes the legal framework for credit institutions and financial intermediaries, defining the scope of application, classifying financial entities, and mandating prior authorization.

  ^[9]

• Decree on Payment Systems, Means and Incidents (2015)

  Regulates payment systems, defines key financial terms, and mandates the use of non-cash payment methods for transactions exceeding 1,000 Comorian francs.

  ^[6]

Licensing & registration

• Payment Service Providers / Electronic Money Institutions

  Prior authorization is required to operate as a payment service provider or electronic money institution under Law N°20-005/AU and related BCC regulations.

  ^[2][4]

• Distribution Agents

  Distribution agents for electronic money and payment institutions must meet strict eligibility criteria and have standardized contracts approved by the BCC.

  ^[1]

• Manual Money Changers

  Minimum share capital of 25 million Comorian Francs (10 million in cash/guarantee, 15 million in other forms) is required under Regulation No. 001-2018. Capital: 25,000,000 KMF

  ^[3]

Restrictions & warnings

• Mandatory use of non-cash payment methods for transactions exceeding 1,000 Comorian francs.

  ^[6]

• Strict requirements for the creation, transmission, and payment of checks, including partial payment rules and pre-crossed/non-transferable check mandates.

  ^[7]

• Standardization of bank account identification using RIB for domestic transfers and IBAN for international transfers.

  ^[8]

Direction of travel

• The regulatory framework continues to evolve with recent decisions focusing on distribution agents and electronic money, indicating an active oversight approach to fintech and payment services.

  ^[1]

Sources

1. Regulatory Decision No. 19-2021/BCC/DSBR on Distribution Agents of Electronic Money and Payment Institutions · 2021-01-01
2. Decree N°20-D9A/PR Promulgating Law N°20-005/AU on Payment Services and Payment Service Providers · 2020-01-01
3. Regulation No. 001-2018 BCC/DSBR on Minimum Share Capital for Manual Money Changers · 2018-01-01
4. Regulation No. 01_2017_BCC_DSBR on Electronic Money · 2017-01-01
5. Regulation 016 on the Approval of Financial Institutions · 2015-12-04
6. Decree on Payment Systems, Means and Incidents · 2015-04-27
7. Regulation 015 on the Application of Certain Provisions of Decree 15-026/PR on Payment Systems, Means, and Incidents · 2015-04-02
8. Regulation 014 on Bank Codes and Standardization of Bank Account Details · 2015-02-17
9. Banking Law No. 13-003/AU of June 12, 2013 · 2013-01-01
10. Regulatory Texts 2013: Extension of Financial Regulations and Institutional Approvals · 2013-01-01
11. Comoros Central Bank Regulatory Texts 2012 · 2012-01-01
12. Comoros Central Bank Regulatory Texts 2011 · 2011-01-01
13. Regulatory Texts 2010 of the Central Bank of the Comoros · 2010-01-01
14. Circular Letter No. 005/2009/COB/Union des Mecks on Money Transfer Operations · 2009-01-01
15. Comoros Central Bank Regulatory Texts 2008 · 2008-01-01
16. Central Bank of the Comoros Regulatory Texts 2007 · 2007-01-01
17. Regulatory Texts 2006 · 2006-01-01