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Fintech Entities (E-money Issuers)


Section 17 (4) of the Financial Institutions Act, 2008 (FIA) provides for other category of persons other than licensed financial institutions (licensees) to issue electronic money (e-money).

The Central Bank is of the view that the domestic payments system will benefit from the introduction of certain new category of persons which will aid in:

(a)  Fostering competition and encouraging greater use and efficiency of electronic payments and e-commerce;

(b) Reducing the use of cash and cheque payments; and

(c) Promoting greater financial inclusion.

Consequently, the E-money Issuer Order that came into effect on August 4, 2020 allows for a category of persons other that licensees-E-Money Issuer (EMIs), to be eligible to issue e-money. Persons seeking approval to issue e-money shall satisfy all requirements of this Order which includes that:

  • An EMI will be required to be registered separately as a Payment Service Provider, pursuant to the Central Bank Act, to conduct payment Service activities.
  • An application to be a Payment Service Provider and EMI may be done simultaneously. See EMI Form here.
  • An EMI shall apply for registration with the FIUTT within five business days after being granted provisional registration by the Bank to operate as an EMI.      FIUTT Registration Forms 
  • An EMI shall pay such fees in relation to an application for permission and renewal of permission to issue e-money, as set out in Schedule 1.

Categories of E-Money Issuers (EMIs)

The following categories of persons, other than licensees, may apply to the Bank to be an e-money issuer:

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Application and Registration Fees

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E-Money Accounts Transactional Limits and Capital Requirements

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