Regulation for the Provision of Mobile Money Services (Central Bank of The Gambia)

The Central Bank of The Gambia's Regulation for the Provision of Mobile Money Services is the principal instrument governing mobile money and retail electronic payments in The Gambia. The Gambia is a member of the West African Monetary Zone (WAMZ) but, unlike its francophone neighbours, is not part of WAEMU/BCEAO; the dalasi is its national currency and the Central Bank of The Gambia (CBG) is the sole regulator. (Note: a specific enactment date is not stated on the CBG's published copy and should be verified; the regulation is commonly associated with the early 2010s and remains the current mobile money rulebook.) Scope and applicability: The Regulation's stated purpose is threefold: (a) to define retail transfers and provide for their delivery by banks and financial institutions as well as by persons who are not licensed as banks or financial institutions; (b) to facilitate the provision of electronic payment services without compromising the safety and efficiency of the national payment system; and (c) to provide minimum standards for consumer protection and risk management to be adhered to by all providers of retail transfers. It therefore enables both bank-led and non-bank-led (including mobile-network-operator) models of mobile money. Core obligations: Providers must be authorised by the CBG and meet requirements covering corporate form and capital, governance and risk management, the use and oversight of agents/cash merchants, safeguarding of customer funds (trust/escrow arrangements backing outstanding e-money), customer due diligence and AML/CFT compliance, transaction and balance limits, and consumer-protection standards (disclosure, complaints handling and fund security). Operators currently licensed include Afrimobile Money (Africell) and QMoney (Qcell). Supervision sits with the CBG's Financial Supervision Department under the Central Bank of The Gambia Act 2018. Supervision and enforcement: The CBG licenses, regulates and supervises mobile money operators and payment service providers, monitors compliance, and can impose corrective measures and sanctions. The CBG has also developed FinTech Guidelines to support innovation and financial inclusion, and operates the national payment infrastructure (RTGS, ACP/ACH and the GamSwitch interbank switch), which together frame the wider environment in which mobile money services operate.

1. 1Defines retail transfers and permits their delivery by banks, financial institutions and non-bank (including MNO-led) providers
2. 2Requires Central Bank of The Gambia authorisation to provide mobile money services
3. 3Sets minimum standards for consumer protection and risk management for all providers of retail transfers
4. 4Requires safeguarding of customer funds backing outstanding electronic money and oversight of agents/cash merchants
5. 5Customer due diligence, AML/CFT compliance and transaction/balance limits
6. 6Aims to protect the safety and efficiency of the national payment system; supervised by the CBG under the Central Bank of The Gambia Act 2018