Page 10 - GSMA_Congo_Case_Study_ARTWORK
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ENABLING MOBILE MONEY POLICIES IN THE DEMOCRATIC REPUBLIC OF CONGO
Ongoing market monitoring
E-money issuers are required to report to the central bank on a monthly basis for monitoring purposes. The central bank also hosts
regular meetings with the providers, either jointly or separately, to get a better understanding of how the market is developing and
how the regulation could be improved to set the right incentives and remove barriers that might harm the market and consumers. This
open dialogue is extremely valuable for both the regulator and the private sector.
Safeguarding customer funds
The value of e-money issued must be matched by equivalent funds held in a ring-fenced bank account that cannot be intermediated.
If the BCC withdraws the licence from the e-money issuer, the the restitution procedure, which issues customers funds equivalent
to the e-float, is explicitly governed by the country’s e-money regulation.
Transaction limits and KYC procedures: a proportional risk-based approach
The maximum value that can be stored in a mobile money account is US$ 3,000. There is a maximum daily transaction limit of US$ 100
or US$ 500 (depending on the account type) and a US$ 2,500 monthly limit. Electronic or paper transaction records should be held for
up to 10 years.
The DRC doesn’t have a national identification system in place, so know-your-customer (KYC) procedures were developed based
on a two-tier system for customer due diligence (CDD). Tier one account holders can transact up to US$ 100 (or a maximum amount set
by the operator below the legal limit of US$ 500) without full due diligence. CDD is based on the Mobile Subscriber Integrated Services
Digital Network Number (MSISDN) and information stored by the MNO during SIM registration. When the customer signs up for the
entry level mobile money account he self-certifies his identity and the provider records the name and address of the person.
Full CDD is required to transfer up to the maximum legal limit of US$ 500 per day. Customer identification documents, such as a
passport, electoral card, or driving licence, must be physically verified and customers are required to complete an application form
and attach a copy of their photo ID. Beneficiaries of salary payments can identify themselves through company ID.
TA BLE 1
TRANSA CTION, MAXIMUM BALAN CE LIMITS, AND REGISTRATION
PROCEDURE FOR THE DIFFERENT A CCOUNT TYPES
DAILY TRANSACTION LIMIT MONTHLY LIMIT MAXIMUM BALANCE
SET BY THE PROVIDER (USD) (USD) (USD) CUSTOMER DUE DILIGENCE
Simplified KYC: Customers must self-certify their identity
$100 (Vodacom and Tigo) and their birth date and place. The verification of the
BASIC ACCOUNT $2,500 $3,000
$200 (Airtel) MSISDN is also part of the CDD process. The information
must match what was recorded at SIM card registration.
Full KYC: Customers must register in person, complete
TIER TWO
ACCOUNT $500 $2,500 $3,000 an application form, and provide a copy of their passport,
electoral card, driving licence or student card.
10
Ongoing market monitoring
E-money issuers are required to report to the central bank on a monthly basis for monitoring purposes. The central bank also hosts
regular meetings with the providers, either jointly or separately, to get a better understanding of how the market is developing and
how the regulation could be improved to set the right incentives and remove barriers that might harm the market and consumers. This
open dialogue is extremely valuable for both the regulator and the private sector.
Safeguarding customer funds
The value of e-money issued must be matched by equivalent funds held in a ring-fenced bank account that cannot be intermediated.
If the BCC withdraws the licence from the e-money issuer, the the restitution procedure, which issues customers funds equivalent
to the e-float, is explicitly governed by the country’s e-money regulation.
Transaction limits and KYC procedures: a proportional risk-based approach
The maximum value that can be stored in a mobile money account is US$ 3,000. There is a maximum daily transaction limit of US$ 100
or US$ 500 (depending on the account type) and a US$ 2,500 monthly limit. Electronic or paper transaction records should be held for
up to 10 years.
The DRC doesn’t have a national identification system in place, so know-your-customer (KYC) procedures were developed based
on a two-tier system for customer due diligence (CDD). Tier one account holders can transact up to US$ 100 (or a maximum amount set
by the operator below the legal limit of US$ 500) without full due diligence. CDD is based on the Mobile Subscriber Integrated Services
Digital Network Number (MSISDN) and information stored by the MNO during SIM registration. When the customer signs up for the
entry level mobile money account he self-certifies his identity and the provider records the name and address of the person.
Full CDD is required to transfer up to the maximum legal limit of US$ 500 per day. Customer identification documents, such as a
passport, electoral card, or driving licence, must be physically verified and customers are required to complete an application form
and attach a copy of their photo ID. Beneficiaries of salary payments can identify themselves through company ID.
TA BLE 1
TRANSA CTION, MAXIMUM BALAN CE LIMITS, AND REGISTRATION
PROCEDURE FOR THE DIFFERENT A CCOUNT TYPES
DAILY TRANSACTION LIMIT MONTHLY LIMIT MAXIMUM BALANCE
SET BY THE PROVIDER (USD) (USD) (USD) CUSTOMER DUE DILIGENCE
Simplified KYC: Customers must self-certify their identity
$100 (Vodacom and Tigo) and their birth date and place. The verification of the
BASIC ACCOUNT $2,500 $3,000
$200 (Airtel) MSISDN is also part of the CDD process. The information
must match what was recorded at SIM card registration.
Full KYC: Customers must register in person, complete
TIER TWO
ACCOUNT $500 $2,500 $3,000 an application form, and provide a copy of their passport,
electoral card, driving licence or student card.
10
