Circulaire de la Banque Centrale de Tunisie n° 2018-16 du 31 décembre 2018 relative aux règles régissant l'activité et le fonctionnement des établissements de paiement (Central Bank of Tunisia Circular No. 2018-16 of 31 December 2018 on the rules governing the activity and operation of payment institutions)

Central Bank of Tunisia (Banque Centrale de Tunisie, BCT) Circular No. 2018-16 of 31 December 2018 sets out the rules governing the activity and operation of payment institutions (établissements de paiement) in Tunisia. It implements Articles 20 and 21 of Law No. 2016-48 of 11 July 2016 on banks and financial establishments, which created the new category of payment institution, a non-bank financial establishment authorised to provide payment services without a full banking licence. The Circular is the central operational instrument for fintech and non-bank payment providers in Tunisia. It defines the payment services that payment institutions may provide, the conditions of access to the activity, and the prudential, organisational and conduct requirements applicable on an ongoing basis. The activity of a payment institution is subject to prior approval (agrément) granted by decision of the approval commission established under the banking law; applicants must satisfy the BCT as to their shareholding, governance, fit-and-proper management, technical capacity and financial soundness. The Circular fixes a minimum capital requirement for payment institutions of TND 5 million, intended to ensure operators have sufficient financial standing to safeguard customer funds and absorb operational risk. It permits payment institutions to engage agents, legal entities or individuals with merchant status, to provide payment services on their behalf and under their responsibility, subject to notification of each proposed agency arrangement to the BCT, thereby enabling distribution networks for financial inclusion while preserving regulatory accountability. Title V of the Circular is devoted to customer protection and complaints handling: payment institutions must put in place customer-information rules, complaints-handling policies and procedures, and communication-policy rules designed to protect users of payment services. The Circular also addresses safeguarding of customer funds, internal control, risk management and AML/CFT obligations. Supervision and enforcement are exercised by the BCT, which authorises payment institutions, monitors their compliance, and may impose conditions or sanctions, including withdrawal of approval. Together with Circular No. 2020-11 on domestic mobile payment, Circular 2018-16 forms the backbone of Tunisia's regulated non-bank payments framework. (Original language: French/Arabic.)

1. 1Implements Articles 20-21 of Law No. 2016-48 governing the payment-institution category
2. 2Subjects payment-institution activity to prior approval (agrément) by the banking-law approval commission
3. 3Fixes minimum capital for payment institutions at TND 5 million
4. 4Permits use of payment agents (merchants/legal entities) under the institution's responsibility, subject to BCT notification
5. 5Title V mandates customer-protection, complaints-handling and communication rules
6. 6Imposes safeguarding of customer funds, internal control, risk management and AML/CFT obligations under BCT supervision