Regulatory AlertsTunisia: fintech & payments regulation
RegulatedTunisia: BCT regulates payments; CMF regulates crowdfunding; no standalone e-money license
- Lead regulator
- Banque Centrale de Tunisie (BCT)
- Also involved
- CMF (securities crowdfunding) · NFIU (AML)
- Core law
- Law No. 2016-48 (Banking) · Circular 2018-61 (Payment Institutions)
- Entry capital
- TND 10m (Payment Institution)
- Approval timeline
- 6-12 months
- Customer assets
- Segregated accounts required
- Data protection
- Law 2004-63 · INPDP
- Sandbox
- No
The BCT is the primary supervisor for payment services, operating under a licensing regime for Payment Institutions (PIs) and banks. The framework is codified in Circular 2018-61, which mandates strict governance and a TND 10m capital floor for PIs. The CMF regulates crowdfunding in securities under Law 2020-37. There is no specific 'e-money' license category; fintechs must operate as PIs or partner with banks.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution[1][2] Requires TND 10m capital and strict governance per Circular 2018-61. | TND 10m | 6-12 months | Banque Centrale de Tunisie |
| E-money & wallet issuance | LicencePayment Institution[2] No standalone e-money license; PIs handle electronic money issuance. | TND 10m | 6-12 months | Banque Centrale de Tunisie |
| Domestic money transfer | LicencePayment Institution[2] Domestic transfers covered under PI license. | TND 10m | 6-12 months | Banque Centrale de Tunisie |
| Cross-border remittance | LicencePayment Institution[2] Cross-border payments require PI license and BCT approval. | TND 10m | 6-12 months | Banque Centrale de Tunisie |
| Agent network | LicencePayment Institution[2] Agent networks must be authorized by the licensed PI. | TND 10m | 6-12 months | Banque Centrale de Tunisie |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified. | — | — | — |
| Foreign-exchange services | LicencePayment Institution[2] FX services require PI license and BCT approval. | TND 10m | 6-12 months | Banque Centrale de Tunisie |
New — what changed recently
- 2024-11-21Circular No. 2024-14 — Established comprehensive obligations for banks regarding check transactions and payment incident management.[3]
- 2024-02-13Circular No. 2024-5 — Updated licensing and risk management rules for payment and securities settlement system operators.[1]
- 2023-11-02Circular No. 2023-06 — Defined documentation and approval requirements for loan-based crowdfunding.[4]
Market-entry checklist
- 1Secure BCT PI LicenseObtain Payment Institution license from BCT with TND 10m capital.
- 2Establish Segregated AccountsSet up segregated client funds accounts as mandated by Circular 2018-61.
- 3Implement AML FrameworkRegister with NFIU and implement robust AML/KYC procedures.
- 4Hire Qualified ManagementAppoint directors with proven experience and BCT approval.
- 5Submit Technical AuditProvide IT security audit and internal control reports to BCT.
Sources
- Central Bank of Tunisia Circular No. 2024-5 of February 13, 2024 · 2024-02-13
- Central Bank of Tunisia Circular No. 2018-61 dated December 31, 2018 · 2018-12-31
- Central Bank of Tunisia Circular No. 2024-14 of November 21, 2024 · 2024-11-21
- Central Bank of Tunisia Circular No. 2023-06 dated November 2, 2023 · 2023-11-02