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

Consequently, the E-money Issuer Order that came into effect on August 4, 2020 followed by the E-money Issuer (Amendment) Order 2023, 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:

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 PSP/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.