DRC: New legal framework introduced for mobile banking

Nov 18, 2011

The Governor of the Central Bank of Congo Jean-Claude Masangu has revealed an agreement regarding the regulation of electronic money activity in DRC has been signed by the relevant parties, Le Phare newspaper reports.

The Governor of the Central Bank of Congo Jean-Claude Masangu has revealed an agreement regarding the regulation of electronic money activity in DRC has been signed by the relevant parties, Le Phare newspaper reports.

Its aim is to introduce a legal framework before the introduction of mobile banking services in 2011 that will allow Congolese people to receive money, make purchases and pay for utility bills and tax via mobile phone.

The drafting of this legal framework has been entrusted to a working group - the mobile banking task force - which includes government bodies, credit institutions and the regulatory body for postal services and communications, the news source reports.

Mr Masangu said mobile banking presents various opportunities to the financial sector, but some questions still need to be answered regarding the status of the issuer and distributor, management rules, internal and external control and the fight against money laundering and the financing of terrorism.

Michel Losembe, President of the Congolese Bank Union, explained to L'Observateur newspaper that mobile banking services will revolutionise the financial sector.

He said: "There are, for a population of 60 million inhabitants, around only 600.000 bank accounts. However, six million Congolese own a mobile phone".ADNFCR-2976-ID-801213275-ADNFCR