E-money is defined  in the Financial Institutions Act (FIA) 2008, as monetary value represented by a claim on the issuer which is:

• Stored on an electronic device
• Issued on receipt of funds of an amount not less in value than the monetary value issued and said funds shall not be treated as a deposit; and
• Accepted as a means of payment by persons other than the issue

E-money can be stored on a card or a digital device. Examples of e-money instruments include prepaid cards, stored value accounts and digital wallets. Traditionally only licensed ­nancial institutions (”licensees”) under the FIA could issue e-money, however, given the emergence of Fintechs in the ­nancial landscape, GORTT has approved an E-Money Issuer Order, e‑ective August 4, 2020, that allows entities other than licensees to issue e-money