Loi L/2017/031/AN relative aux institutions financières inclusives en République de Guinée (Law L/2017/031/AN on Inclusive Financial Institutions in the Republic of Guinea)

Law L/2017/031/AN on inclusive financial institutions is the principal legal framework under which the Banque Centrale de la République de Guinée (BCRG) licenses and supervises the providers that deliver Guinea's mobile money and electronic money services. Guinea is not a WAEMU member: it has its own central bank (BCRG) and the Guinean franc, and therefore its own national regime distinct from the BCEAO instruments that apply to francophone WAEMU states. (Note: the enacted date is recorded at year-level 2017; the precise day was not confirmed from the primary source and should be verified.) Scope and applicability: The Law establishes and regulates the category of 'inclusive financial institutions', encompassing microfinance institutions and electronic money issuers (établissements de monnaie électronique, EME), and brings non-bank providers of digital financial services within a defined licensing perimeter supervised by the BCRG. It is the legal basis on which Guinea's EME (including the mobile-money arms of mobile network operators) are approved to issue e-money and offer mobile payments; the first EME was licensed in January 2016 and by the mid-2020s around a dozen EME were operating, with roughly a quarter of Guinean adults holding an e-money account. Core obligations: Issuers and inclusive financial institutions must obtain BCRG approval before commencing activity, meet governance, capital and operational requirements set by the central bank, safeguard customer funds against outstanding e-money, and comply with AML/CFT, customer due-diligence, consumer-protection and reporting obligations. The BCRG sets technical and operational standards for e-money and payment services and, through its Directorate of Payment Systems and Means (DSMP), oversees the national payment infrastructure (RTGS, automated clearing house) and instruments. Supervision and enforcement: The BCRG authorises, supervises and may sanction inclusive financial institutions and e-money issuers. The framework is being reinforced by interoperability initiatives, including the National Monetary and Digital Switch launched on 15 January 2025 (developed with the Mojaloop Foundation and Guinéenne de Monétique) to interconnect banks, EME, microfinance institutions, payment operators and fintechs.

1. 1Establishes 'inclusive financial institutions' (microfinance institutions and electronic money issuers) as a BCRG-supervised category
2. 2Requires prior BCRG approval to issue electronic money or provide mobile-money services in Guinea
3. 3Imposes governance, capital, operational and customer-fund safeguarding requirements set by the BCRG
4. 4AML/CFT, customer due-diligence, consumer-protection and reporting obligations
5. 5BCRG sets technical and operational standards and oversees national payment infrastructure via the DSMP
6. 6Supports interoperability through the National Monetary and Digital Switch (launched 15 January 2025)