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The Ministry of Finance has published a new decree (February 28, 2024) governing the licensing and regulation of electronic payment service providers. This is a major step towards a secure, transparent digital ecosystem that complies with CEMAC standards. 🔐📲
✅ Key takeaways:
🔹 Any entity wishing to offer electronic payment services must now obtain accreditation from the Minister of Finance, following approval from the COBAC (Central African Banking Commission).
🔹 Applications must include financial and technical guarantees, as well as robust security measures.
🔹 A dedicated committee reviews applications within 30 days.
🔹 Any major modification or cessation of activity is subject to strict regulations.
📌 Provider Obligations:
Operations via the Treasury Single Account
Local hosting of databases
Strict adherence to security and confidentiality standards
Guarantee that customer funds remain their property.
⏳ Subsidiaries of telecom operators must implement a functional separation within 3 months, otherwise they will be subject to sanctions, or even the withdrawal of their license.
🔍 A clear framework to strengthen trust in digital payments in Cameroon. 🇨🇲
