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. See the current list of Approved E-Money Issuers (“EMIs”), Payment Service Providers (“PSPs”), and Payment Service Operators (“PSOs”).
Persons seeking approval to issue e-money shall satisfy all requirements of this Order which includes that:
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:
Application and Registration Fees
E-Money Accounts Transactional Limits and Capital Requirements