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Tunisia: fintech & payments regulation

Regulated

Tunisia fintech & payments: CBK-regulated payment institutions & CMF-regulated crowdfunding

Lead regulator:
Banque Centrale de Tunisie (Central Bank of Tunisia)
Key law:
Circular No. 2018-61 (Payment Institutions) and Law No. 2020-37 (Crowdfunding)
Last updated:
2026-07-12

The Central Bank of Tunisia (CBK) is the primary supervisor for payment services, licensing payment institutions under Circular No. 2018-61 with a minimum capital requirement of 10 million Tunisian dinars for joint-stock operators. The Financial Market Council (CMF) regulates crowdfunding activities, requiring prior approval for securities crowdfunding under Decree No. 2022-765 and operational rules under Regulation No. 2024-11. Loan-based crowdfunding also requires CBK approval under Circular No. 2023-06. The regulatory framework is active, with recent updates in 2024-2025 focusing on settlement rules and operational compliance.

Who regulates

  • Banque Centrale de Tunisie (CBK)

    Primary supervisor for payment institutions, payment systems, and loan-based crowdfunding.

    [1][2][3]

  • Conseil du Marche Financier (CMF)

    Supervisor for securities crowdfunding and capital market activities.

    [4][5][6]

Core laws & rules

  • Circular No. 2018-61 (2018)

    Establishes the comprehensive operational, governance, and consumer protection rules for payment institutions, including a three-tiered payment account system.

    [3]

  • Law No. 2020-37 (2020)

    Legally regulates the crowdfunding sector by establishing dedicated service providers, standardized contracts, and segregated funding accounts.

    [6]

  • Circular No. 2024-5 (2024)

    Establishes licensing, governance, and risk management rules for payment and securities settlement system operators.

    [1]

Licensing & registration

  • Payment Institution

    Requires CBK authorization, strict internal control, IT security audits, and compliance with the three-tiered payment account system. Capital: 10 million Tunisian dinars (for joint-stock company operators)

    [1][3]

  • Securities Crowdfunding

    Requires prior approval from the CMF and compliance with specific licensing and procedural requirements.

    [4][5]

  • Loan-based Crowdfunding

    Requires CBK approval and submission of specific forms, financial statements, and governance documents.

    [2]

Restrictions & warnings

  • Payment institutions must adhere to strict internal control and IT security audit requirements. Banks are mandated to cap fees for specific domestic services and provide free interbank ATM withdrawals.

    [3][7]

  • Foreign exchange activities for residents are regulated, with specific authorization requirements for manual foreign exchange activities and foreign currency startup accounts.

    [8][9]

Direction of travel

  • The regulatory environment is evolving with recent circulars in 2024-2025 updating settlement rules and payment incident management, indicating a focus on modernizing payment infrastructure and enhancing consumer protection.

    [10][11]

Sources

  1. Central Bank of Tunisia Circular No. 2024-5 of February 13, 2024 · 2024-02-13
  2. Central Bank of Tunisia Circular No. 2023-06 dated November 2, 2023 · 2023-11-02
  3. Central Bank of Tunisia Circular No. 2018-61 dated December 31, 2018 · 2018-12-31
  4. Regulation of the Financial Market Council dated November 11, 2024, on the conditions for exercising crowdfunding investment activities in securities · 2024-11-20
  5. Decree No. 2022-765 of October 19, 2022 Regulating the Activity of Crowdfunding in Investment in Securities · 2022-10-19
  6. Law No. 2020-37 of August 6, 2020, on Crowdfunding · 2020-08-06
  7. Circular to Banks No. 2024-3 dated January 29, 2024 · 2024-01-29
  8. Central Bank of Tunisia Circular No. 2019-07 of October 14, 2019 · 2019-10-14
  9. Central Bank of Tunisia Circular to Authorized Intermediaries No. 2019-01 dated January 30, 2019 · 2019-01-30
  10. Circular to Authorized Intermediaries No. 2025-13 of October 27, 2025 · 2025-10-27
  11. Central Bank of Tunisia Circular No. 2024-14 of November 21, 2024 · 2024-11-21

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This guide is compiled automatically from 11 primary-source documents published by Tunisia's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.