Page 9 - GSMA_Congo_Case_Study_ARTWORK
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ENABLING MOBILE MONEY POLICIES IN THE DEMOCRATIC REPUBLIC OF CONGO
2
Regulation of mobile
money services
T he Directive #24 of 2011 on e-money was a major milestone in both BCC’s inancial inclusion strategy and its plan to modernise
the national payment system. Recognising the potential of mobile money to bring financial services to the unbanked, BCC
designed an enabling regulatory framework that issues non-bank entities a licence to provide mobile money services in
alternative and transformational ways.
Licensing
Financial institutions, such as banks and MFIs, as well as special legal entities called “electronic money institutions”, can be granted
a licence to issue e-money. In order to become an e-money issuer, an MNO needs to establish a subsidiary that is incorporated as
an electronic money institution, for which the minimum capital requirement is US$ 2.5 million. Part of the licensing process involves
verifying various details about the applicant’s organisation and the product it will be oering. The regulatory framework also outlines
governance elements, such as eligibility requirements for mobile money managers. 16.2M 33%
FIGURE 5
BUSINESS MODEL REQUIRING A MOBILE NETWORK
OPERATOR TO ESTABLISH A SUBSIDIARY FOR THE SPE CIFIC
PURPOSE OF PROVIDING MOBILE MONEY SERVIC ES
CUSTODY OF CUSTOMER FUNDS CUSTODY OF CUSTOMER FUNDS
REGULATORY ENGAGEMENT
LICENSE ACQUISITION AND GENERAL COMPLIANCE
PRODUCT AND BUSINESS DEVELOPMENT
MARKETING AGENT NETWORK TECHNOLOGY CUSTOMER
MANAGEMENT CARE
BRANDING TRANSACTIONAL PLATFORM
COMMUNICATIONS ACCESS TO THE HANDSET
AGENTS
BANK ACTIVITIES
E-MONEY ISSUER ACTIVITIES
CUSTOMER
9
2
Regulation of mobile
money services
T he Directive #24 of 2011 on e-money was a major milestone in both BCC’s inancial inclusion strategy and its plan to modernise
the national payment system. Recognising the potential of mobile money to bring financial services to the unbanked, BCC
designed an enabling regulatory framework that issues non-bank entities a licence to provide mobile money services in
alternative and transformational ways.
Licensing
Financial institutions, such as banks and MFIs, as well as special legal entities called “electronic money institutions”, can be granted
a licence to issue e-money. In order to become an e-money issuer, an MNO needs to establish a subsidiary that is incorporated as
an electronic money institution, for which the minimum capital requirement is US$ 2.5 million. Part of the licensing process involves
verifying various details about the applicant’s organisation and the product it will be oering. The regulatory framework also outlines
governance elements, such as eligibility requirements for mobile money managers. 16.2M 33%
FIGURE 5
BUSINESS MODEL REQUIRING A MOBILE NETWORK
OPERATOR TO ESTABLISH A SUBSIDIARY FOR THE SPE CIFIC
PURPOSE OF PROVIDING MOBILE MONEY SERVIC ES
CUSTODY OF CUSTOMER FUNDS CUSTODY OF CUSTOMER FUNDS
REGULATORY ENGAGEMENT
LICENSE ACQUISITION AND GENERAL COMPLIANCE
PRODUCT AND BUSINESS DEVELOPMENT
MARKETING AGENT NETWORK TECHNOLOGY CUSTOMER
MANAGEMENT CARE
BRANDING TRANSACTIONAL PLATFORM
COMMUNICATIONS ACCESS TO THE HANDSET
AGENTS
BANK ACTIVITIES
E-MONEY ISSUER ACTIVITIES
CUSTOMER
9
