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Sheet 1: Definition
| COVID-19 Mobile Money Regulatory Response Measures taken by Countries | |||
| The COVID-19 pandemic has brought about unprecedented challenges for the global economy. It has affected global health systems, affected peoples’ livelihoods and will, invariably, leave long-lasting economic effects. Many countries have adopted partial or total ‘lockdowns’, restricting movement in a bid to “flatten the curve” and to limit the spread of the virus. Many governments have responded with fiscal and monetary stimulus measures to counteract the disruption caused by COVID-19. In these times of crisis and despite the disruption caused by public preventive measures, mobile money has proven to be an invaluable tool for fostering resilience by facilitating safe and efficient money transfer and payments services. To shield the most vulnerable user segments, governments and many mobile money providers and their regulators have responded with rafts of measures aimed at achieving two broad outcomes: 1) limiting the spread of the COVID-19 virus by encouraging digital payments; and 2) easing the cost of living burden on citizens who use digital payments. GSMA Mobile Money team has been tracking novel COVID-19 related regulatory and policy responses impacting mobile money services globally. Here, we have collated a list of mobile money specific interventions globally to support our members, regulators, donor community and other key stakeholders with effective policy tools to support customers and providers in these unprecedented times. Please note that the tracker is not meant to be comprehensive and we invite suggestions or mobile money specific responses we may have missed. |
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| S.No. | Policy Response Type | Explanation | |
| 1 | Fee Waivers | Includes person-to-person (P2P) transaction fee waivers, Bank to Wallet & Wallet to Bank transaction fee waivers, and interchange fee waivers. Mobile money providers have provided total or partial fee waivers on P2P transactions with some operators extending fee waivers to all transaction bands while others have extended it to certain transaction types such as utility bill payments. Many regulators have also waived off interchange fees for the select period and/or waived Bank to wallet and Wallet to Bank charges. These measures are geared to stimulating electronic float top-ups in place of face to face cash-in transactions at agent outlets which may present the risk of transmission. | |
| 2 | Flexible KYC and On-boarding | Many regulators have relaxed the KYC requirements for new customer enrolment and granted authorisation for self-registration. The rationale for this intervention is to reduce contact between mobile money users and agents but also to drive more people towards using digital financial services rather than cash, including individuals who may be financially excluded. A few regulators have also relaxed KYC requirement for the agent and merchant on boarding for a limited time to better serve the customers. | |
| 3 | Support to Agents | Several measures have been taken by mobile money providers to support their agents in these tough times such as liquidity support, authorisation to use interest earned on mobile money trust accounts to support the provision of sanitizers at mobile money operator booths, and tax waivers to incentivize agents to service the customers in need. | |
| 4 | Increasing Transaction and Balance limits | To facilitate trade and purchase of essential items, including medicine, mobile money providers have obtained regulatory approval for an increase in transaction and wallet balance limits. Many times, the increase in transaction and balance limit is also recommended by the regulator. This incentivises small businesses to accept mobile money payments while relying less on cash payments. | |
| 5 | Social and humanitarian transfers | Many governments are running cash transfer programs targeting vulnerable households to support COVID-19 casualties. This could also be initiated by the donor community in partnership with providers and can be in the form of food vouchers. | |
| 6 | Promoting Digital/electronic payments | To increase the uptake of non-cash payment instruments to mitigate the COVID-19 impact, regulators and financial institutions are promoting digital/electronic payments by through social, print and electronic media. They are also increasing public socialisation activities in collaboration with payment system service and financial institutions | |
| 7 | Mobile money essential service declarations | Many regulators and government are taking pro-active steps to consider mobile money as an essential service allowing agents and providers to operate (with necessary regional restrictions) to serve the un-banked customers. | |
| 8 | Others: Promote interoperability, sandbox, trust account interest usage | In light of the current COVID-19 crisis and recognizing the significant role that digital financial service providers play, regulators have taken many other positive policy actions such as interoperability, fintech sandbox, and/or interest on trust account to allow providers to better serve the customers. | |
| COVID-19 Mobile Money Regulatory Response Measures taken by Countries | ||||||||||||
| S. No. | Market | Region | Name of Organization | Policy Response Type | Measures Taken | Date Announced and/or Initiated | Validity | Link/Source | ||||
| 1 | Kenya | Sub-Saharan Africa | Central Bank of Kenya (CBK) | Fee Waivers | No charges for P2P transfers of up to KES. 1000 Airtel has waived all transaction charges for all mobile money transactions. |
16th March 2020 | Until 31st December 2020 | https://www.centralbank.go.ke/uploads/press_releases/2125980791_Press Release - Emergency Measures to Facilitate Mobile Money Transactions.pdf | ||||
| 2 | Kenya | Sub-Saharan Africa | Central Bank of Kenya (CBK) | Increasing Transaction and Balance limits | Transaction and balance limit increased to KES. 150,000 and KES. 300,000 respectively with the monthly total limit being scrapped off. |
16th March 2020 | Until 31st December 2020 | https://www.centralbank.go.ke/uploads/press_releases/913082204_Press%20Release%20-%20Review%20of%20Emergency%20Measures%20-%20Mobile%20Money%20Transactions.pdf | ||||
| 3 | Kenya | Sub-Saharan Africa | Covid 19 Emergency Response Fund | Social and humanitarian transfers | KES. 400 million Cash transfer programme targeting 100,000 vulnerable Kenyans to be disbursed via mobile money. KES.1000 to be sent per week per household via M-PESA |
https://www.kenyacovidfund.co.ke/ | ||||||
| 4 | Congo, Democratic Republic of | Sub-Saharan Africa | Bank Centrale du Congo | Fee Waivers | P2P Transaction fee waivers Fee waivers on P2P transactions and transfers from banks to wallets These measures (except 1) lapse in December 2020. |
24th March 2020 | ** Information received from DRC MNO's | |||||
| 5 | Congo, Democratic Republic of | Sub-Saharan Africa | Bank Centrale du Congo | Others: Promote interoperability, sandbox, trust account interest usage | Authorising bilateral interoperability pending the launch of the BCC’s payment switch Utilisation of interest earned in the trust accounts during the period April-December 2020 in order to subsidise costs and to expand access | 24th March 2020 | ** Information received from DRC MNO's | |||||
| 6 | Congo, Democratic Republic of | Sub-Saharan Africa | Bank Centrale du Congo | Increasing Transaction and Balance limits | Increase in transaction and balance limits to USD 2,500 and 7,500 equivalent respectively |
24th March 2020 | Until December 2020 | ** Information received from DRC MNO's | ||||
| 7 | Ghana | Sub-Saharan Africa | Bank of Ghana | Fee Waivers | No charges for P2P transfers of up to GHC 100 Fee waiver on mobile money interoperability transactions via GhIPPS removed effective 23rd May 2020 Response by MNOs - MTN has waived fees for P2P transactions of up to GHC 100 across all networks. Prior to the pandemic, Vodafone had already waived charges on all P2P transactions and bill payments via Vodafone Cash |
18th March 2020 | Lapse 3 months from the start date | https://www.bog.gov.gh/wp-content/uploads/2020/03/MPC-Press-Release-March-2020-3.pdf | ||||
| 8 | Ghana | Sub-Saharan Africa | Bank of Ghana | Flexible KYC and On-boarding | Existing mobile phone registration details may be used for on-boarding minimum KYC accounts. |
18th March 2020 | Lapse 3 months from the start date | https://www.bog.gov.gh/wp-content/uploads/2020/03/MPC-Press-Release-March-2020-3.pdf | ||||
| 9 | Ghana | Sub-Saharan Africa | Bank of Ghana | Increasing Transaction and Balance limits | Daily transaction limits have been increased to GHC 1000, GHC, 5000 and GHC 10,000 for minimum, medium and enhanced KYC accounts respectively. Maximum account balance limits have been increased to GHC 2000, GHC 15,000 and GHC 30,000 for the same accounts respectively. Monthly total limit has been increased to GHC 6000 for minimum KYC accounts and eliminated for other accounts. |
18th March 2020 | Lapse 3 months from the start date | https://www.bog.gov.gh/wp-content/uploads/2020/03/MPC-Press-Release-March-2020-3.pdf | ||||
| 10 | Ghana | Sub-Saharan Africa | National Board for Small Scale Industries | Social and humanitarian transfers | Part of $104 million Covid-19 stimulus package is being distributed via mobile money | https://www.bloomberg.com/news/articles/2020-06-26/virus-is-hastening-mobile-banking-pioneer-s-race-to-replace-cash | ||||||
| 11 | Nigeria | Sub-Saharan Africa | Central Bank of Nigeria | Mobile money essential service declarations | The central bank has declared mobile money service providers among other financial service providers as essential services providers and requested law enforcement agencies to provide security and safe passage. It also urges the public to limit the use of cash and instead use digital means, including mobile money. Response by MNOs - MTN Nigeria has waived fees for its local money transfer service provided by MoMo agents |
March 30th 2020 | https://www.cbn.gov.ng/Out/2020/CCD/CBN%20Press%20release-COVID-19-30032020.pdf | |||||
| 12 | Zambia | Sub-Saharan Africa | Bank of Zambia | Fee Waivers | No charges for P2P transfers of up transactions of up to K150Making a downward adjustment of the Zambia Interbank Payment and Settlement System processing fees to increase the use of the Real Time Gross Settlement System. Response by MNOs - MTN has waived charges for P2P transactions of up to K150 used by the lower segment of customers. Airtel has waived all transaction charges in what appears to be a promotional offer valid until 30th April 2020. |
March 30th 2020 | ||||||
| 13 | Zambia | Sub-Saharan Africa | Bank of Zambia | Increasing Transaction and Balance limits | Daily transaction limits increased to K 20,000, K 100,000 and K 1,000,000 for Tier I, Tier II and small-scale farmers and enterprises. Maximum balance limits have been increased to K 100,000, K 500,000 and 1,000,000 for those respective accounts. |
20th March 2020 | 30th April 2020 | https://www.boz.zm/Press_statement_measures_covid19.pdf | ||||
| 14 | Zambia | Sub-Saharan Africa | Bank of Zambia | Others: Promote interoperability, sandbox, trust account interest usage | Approving the use of ZRA 8 million from interest earned on Mobile Money Trust accounts to support the provision of sanitizers at mobile money operator booths. | 20th March 2020 | 30th April 2020 | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 15 | Senegal | Sub-Saharan Africa | BCEAO | Fee Waivers | Free nationwide transfers of electronic money between people for amounts less than or equal to 5,000 CFA francs, including transfers from bank accounts to electronic wallets, and vice versa; Free payment of water and electricity bills, via mobile phone, for amounts less than or equal to 50,000 CFA francs; Elimination by issuers of electronic money of the commissions paid by merchants on merchant payments, backed by electronic money; |
20th March 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 16 | Senegal | Sub-Saharan Africa | BCEAO | Increasing Transaction and Balance limits | increasing the ceiling for recharging the electronic wallet from two (2) to three (3) million FCFA and the monthly cumulative recharge from ten (10) to twelve (12) million FCFA. This measure is applicable only to regularly identified customers; | 20th March 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 17 | Senegal | Sub-Saharan Africa | BCEAO | Flexible KYC and On-boarding | Easing of the conditions for opening electronic money accounts. As such, issuers of electronic money are authorized to activate electronic wallets on the basis of data from mobile telephony, subject to collecting by any means the agreement of the customer and to perform the due diligence related to the remote identification, within the limits of regulatory ceilings | 20th March 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 18 | Togo | Sub-Saharan Africa | BCEAO | Fee Waivers | Free nationwide transfers of electronic money between people for amounts less than or equal to 5,000 CFA francs, including transfers from bank accounts to electronic wallets, and vice versa; Free payment of water and electricity bills, via mobile phone, for amounts less than or equal to 50,000 CFA francs; Elimination by issuers of electronic money of the commissions paid by merchants on merchant payments, backed by electronic money; |
20th March 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 19 | Togo | Sub-Saharan Africa | BCEAO | Increasing Transaction and Balance limits | increasing the ceiling for recharging the electronic wallet from two (2) to three (3) million FCFA and the monthly cumulative recharge from ten (10) to twelve (12) million FCFA. This measure is applicable only to regularly identified customers; | 20th March 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 20 | Togo | Sub-Saharan Africa | BCEAO | Flexible KYC and On-boarding | Easing of the conditions for opening electronic money accounts. As such, issuers of electronic money are authorized to activate electronic wallets on the basis of data from mobile telephony, subject to collecting by any means the agreement of the customer and to perform the due diligence related to the remote identification, within the limits of regulatory ceilings | 20th March 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 21 | Togo | Sub-Saharan Africa | Social and humanitarian transfers | Emergency financial support distributed to 500,000 people in Togo | https://www.bloomberg.com/news/articles/2020-06-26/virus-is-hastening-mobile-banking-pioneer-s-race-to-replace-cash | |||||||
| 22 | Côte d'Ivoire | Sub-Saharan Africa | BCEAO | Fee Waivers | Free utilities bill payments up to $87 All merchant payments zero-rated Reponses by MNO's MTN CI Zero rated P2P transfers up to $41 (CFA 25,000) and merchants payments 300% airtime bonus for mobile money airtime top up transactions. Moov 300 % data and airtime bonus on most top ups via Moov Money. Orange CI More Orange money merchants deployed. 20% airtime bonus for merchants' payments at selected locations |
April 3rd 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 23 | Côte d'Ivoire | Sub-Saharan Africa | BCEAO | Increasing Transaction and Balance limits | increasing the ceiling for recharging the electronic wallet from two (2) to three (3) million FCFA and the monthly cumulative recharge from ten (10) to twelve (12) million FCFA. This measure is applicable only to regularly identified customers; | April 3rd 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 24 | Côte d'Ivoire | Sub-Saharan Africa | BCEAO | Social and humanitarian transfers | BCEAO Measures above are applicable to CI. CI government to distribute 13.3 billion CFA ($21,963,872) to the poorest households via Orange Money |
April 3rd 2020 | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | |||||
| 25 | Côte d'Ivoire | Sub-Saharan Africa | BCEAO | Flexible KYC and On-boarding | Easing of the conditions for opening electronic money accounts. As such, issuers of electronic money are authorized to activate electronic wallets on the basis of data from mobile telephony, subject to collecting by any means the agreement of the customer and to perform the due diligence related to the remote identification, within the limits of regulatory ceilings | April 3rd 2020 | Lapse 30 days from the start date | https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electroniques | ||||
| 26 | Cameroon | Sub-Saharan Africa | BEAC | Fee Waivers | On 15 April 2020 BEAC issued a Communique recommending electronic money issuers in the CEMAC region to lower transaction charges. BEAC also urges banks to guarantee service availability. However, BEAC does not mandate zero rating of transaction fees. Response by MNOs - MTN has waived fees on MM transactions of up to CFA 20,000 (limited to 3 transactions per day and per account) |
15th April 2020 | ||||||
| 27 | Rwanda | Sub-Saharan Africa | BNR | Fee Waivers | No charges for all P2P transfers and merchant payments. Response by MNOs - MTN has since waived all its mobile money transfer and merchant payment transactions. Airtel has removed charges on all P2P transactions, water bill payments. They are also offering 30% bonus on electricity recharges as well voice and data bundles purchased via Airtel Money. |
March 19th | 22nd June 2020 | https://www.bnr.rw/index.php?id=96 | ||||
| 28 | Rwanda | Sub-Saharan Africa | BNR | Increasing Transaction and Balance limits | Transaction limits for Tier I and II accounts have been increased to FRW 1,500,000 and 4,000,000 respectively. |
March 19th | https://www.bnr.rw/index.php?id=96 | |||||
| 29 | Liberia | Sub-Saharan Africa | Central Bank of Liberia | Fee Waivers | P2P, B2W & W2B transfer & merchant payment transaction fees waived for 1 month Response by MNOs - As per CBL’s statement, all mobile money operators in Liberia have waived fees for all P2P, merchant payments and bank to wallet transactions. |
29th May 2020 | Fee waivers lapse on 30th June 2020 | |||||
| 30 | Liberia | Sub-Saharan Africa | Central Bank of Liberia | Increasing Transaction and Balance limits | Transaction limits for level 1,2 and 3 have been increased to $ 500, $2000 & $4000 respectively. The daily transaction limits for using mobile money to purchase goods and transfers have been adjusted, subject to Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) requirements, as follows, for three months: • Level 1 Category has been increased from US$250.00 to a maximum of US$500.00 or its equivalent in Liberian dollar; • Level 2 Category has been increased from US$1,000.00 to US$2,000.00 or its equivalent in Liberian dollar; and • Level 3 Category has been increased from US$2,000.00 to US$4,000.00 or its equivalent in Liberian dollar. The monthly aggregate transaction limits for purchasing of goods and transfers through mobile money have been adjusted, subject to AntiMoney Laundering/Combating Financing of Terrorism (AML/CFT) requirements, as follows, for three months: • Level 1 Category has been increased from US$2,000.00 to a maximum of US$3,000.00 or its equivalent in Liberian dollar; • Level 2 Category has been increased from US$8,000.00 to US$12,000.00 or its equivalent in Liberian dollar; and • Level 3 Category has been increased from US$20,000.00 to US$30,000.00 or its equivalent in Liberian dollar. |
29th May 2020 |
Lapse 3 months from the start date | https://www.cbl.org.lr/2press.php?news_id=203&related=7&pg=sp https://www.cbl.org.lr/2press.php?news_id=206&related=7&pg=sp https://www.liberianobserver.com/news/mobile-money-orange-money-fees-reinstated-as-covid-19-restrictions-ease-out/ | ||||
| 31 | Uganda | Sub-Saharan Africa | Bank of Uganda | Fee Waivers | No charges for P2P transfers of up transactions of up to UGX 30,000 Response by MNOs – MTN Uganda has removed charges on P2P transactions below UGX 30,000 and all merchant payment transactions. Airtel has waived charges on all P2P and merchant payment transactions MTN and Airtel have issued a joint statement on changes in mobile money rates effective 26 May 2020. “MTN Uganda and Airtel Uganda wish to inform the public that effective 26 May 2020 all MTN Mobile Money and Airtel Money Person to Person transactions on the same network and Mobile Wallet to bank transactions will be gradually reintroduced at a 50% discount to standard tariffs for a period of 30 days. All MoMo/Airtel Money pay transactions between customers and merchants continue to attract zero transaction charges for the next 30 days”. |
20th March 2020 | 30th June 2020 | https://www.bou.or.ug/bou/bouwebsite/RelatedPages/Publications/article-v2/Measures-to-Mitigate-the-Economic-Impact-of-COVID-19/ | ||||
| 32 | Bangladesh | South Asia | Bangladesh Bank | Fee Waivers | Bangladesh Bank instructed Mobile Financial Service (MFS) providers to offer free cash-out for a maximum of 1000 Taka (11.86 USD) daily. For essentials/medicines trade - MDR or Interchange Reimbursement Rate (IRF) fee will not be applied if these goods are bought through credit/debit card up to a daily limit of 15,000 Takas and a monthly limit of 100,000 Takas. |
19th March 2020 | https://www.bb.org.bd/mediaroom/circulars/psd/mar192020psd02.pdf | |||||
| 33 | Bangladesh | South Asia | Bangladesh Bank | Increasing Transaction and Balance limits | The transaction limit for purchase of essential goods and medicine increased up to 200,000 Takas (USD 2372) from 75,000 Takas (889 USD). | 19th March 2020 | https://www.bb.org.bd/mediaroom/circulars/psd/mar192020psd02.pdf | |||||
| 34 | Bangladesh | South Asia | Government of Bangladesh | Social and humanitarian transfers | 50 lakh (5 million) poor households to get Taka 2,500 (USD 29.32) with cash-out charge disbursed to them as cash aid through MFS from May 14. Nagad to disburse to 17 lakh (1.7 m) families, bkash to 15 lakh (1.5 m), Rocket to 10 lakh (1 m), and sure cash to 8 lakh families (0.8 m). In order to provide the cash assistance, the central bank has instructed the MFS operators to take the necessary steps to open mobile financial service accounts by verifying the number of the national identity card as per the list of beneficiaries prepared by the government. |
14th May 2020 | https://www.bb.org.bd/mediaroom/circulars/psd/may132020psd04.pdf https://www.thedailystar.net/business/news/50-lakh-poor-households-get-cash-aid-through-mfs-may-14-1901455 | |||||
| 35 | Egypt, Arab Rep. | Middle East & North Africa | Central Bank of Egypt | Increasing Transaction and Balance limits | Increase transaction limits for mobile financial services to EGP 30,000 per day and EGP 100,000 per month for individuals, and EGP 40,000 per day and EGP 200,000 per week for corporations. | 15th March 2020 |
https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-15-March-2020-regarding-the-precautionary-measures-to-counter-the-effects-of-COVID-19-Virus.aspx | |||||
| 36 | Egypt, Arab Rep. | Middle East & North Africa | Central Bank of Egypt | Fee Waivers | Cancelling fees and commissions applied to point of sale fees and withdrawing from automated teller and wallets for 6 months Circular dated 21 June 2020 extended the period of exempting local transfers in EGP from all fees & commissions till 15 September 2020 |
15th March 2020 |
Six months (till mid September 2020) | https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-15-March-2020-regarding-the-precautionary-measures-to-counter-the-effects-of-COVID-19-Virus.aspx | ||||
| 37 | Egypt, Arab Rep. | Middle East & North Africa | Central Bank of Egypt | Flexible KYC and On-boarding | New eKYC solution to aid in remote on-boarding of customers, limiting contact with MFS agents (the new eKYC solution was launched in January 2020 and set to begin pilot tests and is not a direct response to COVID-19) |
15th March 2020 |
https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-15-March-2020-regarding-the-precautionary-measures-to-counter-the-effects-of-COVID-19-Virus.aspx | |||||
| 38 | Egypt, Arab Rep. | Middle East & North Africa | Central Bank of Egypt | Promoting Digital/electronic payments | Within the framework of the precautionary measures taken by the Central Bank to confront the Corona virus, with the aim of maximizing the sector's contribution The banker is effectively implementing the state’s plan to deal with the potential consequences of the virus, and the bank’s belief The Central Bank of Egypt has the importance of providing all financial services to all citizens fairly and working to raise them Their rates of use of these services are easy, safe and affordable, as the structure is constantly being strengthened The payment systems infrastructure and the provision of various electronic means to banks to assist them in the deployment of digital financial services Achieving higher rates of financial inclusion. In light of the challenges facing electronic admission in Egypt, including, but not limited to: 1. The need to increase the numbers of electronic sales points. 2. The need to rely more on the rapid response code. 3. The necessity of paying attention to the geographical distribution of the electronic admission points. 4. The need to develop programs to raise the awareness of citizens, companies and merchants of the importance of electronic collection and motivate them to use it. |
21st May 2020 | https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-21-May-2020-regarding-the-Central-Bank-of-Egypt-initiative-for-electronic-payments.aspx | |||||
| 39 | Indonesia | East Asia & Pacific | Bank Indonesia | Fee Waivers | Bank Indonesia has extended the 0% Merchant Discount Rate (MDR) on QRIS, specifically micro business, transactions until 30th September 2020 BI is encouraging the use of non-cash payment channels by reducing the cost of the National Clearing System (SKNBI) effective from 1st April 2020 until 31st December 2020. |
26/03/2020 01/04/2020 |
30/09/2020 31/12/2020 |
https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-26032020.aspx | ||||
| 40 | Indonesia | East Asia & Pacific | Bank Indonesia | Promoting Digital/electronic payments | To increase the uptake of non-cash payment instruments in order to mitigate the COVID-19 impact, Bank Indonesia is increasing various payment system policy instruments as follows: b. Increasing public socialisation activities in collaboration with payment system service providers to increase the uptake of non-cash payment instruments through digital banking, electronic money and broader QRIS acceptance. |
4/14/2020 | https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx | |||||
| 41 | Indonesia | East Asia & Pacific | Bank Indonesia | Social and humanitarian transfers | To increase the uptake of non-cash payment instruments in order to mitigate the COVID-19 impact, Bank Indonesia is increasing various payment system policy instruments as follows: a. Supporting government programs to accelerate non-cash social aid program (bansos) disbursements to members of the public in conjunction with payment system service providers by expediting the electronification of relevant social programs, including the Family Hope Program (PKH), Noncash Food Assistance Program (BPNT), Pre-Employment Card and Smart Indonesian Card (KIP). |
4/14/2020 | https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx | |||||
| 42 | Pakistan | South Asia | State Bank of Pakistan | Promoting Digital/electronic payments | Banks to promote use of digital channels through social, print and electronic media. They are also conducting other social | 18th March 2020 | http://www.sbp.org.pk/psd/2020/C2.htm | |||||
| 43 | Pakistan | South Asia | State Bank of Pakistan | Fee Waivers | 1. Tax waivers to incentivize branchless banking agents to service the customers in need. 2. Transaction Fee Waivers - AFIs shall not charge their customer on fund transfer (Inter and Intra Bank Fund Transfer) from their Branchless Banking Wallet as already mandated vide PSD Circular No. 02 of 2020 dated March 18, 2020. AFIs shall not charge their customer on fund transfer (Inter and Intra Bank Fund Transfer) from their Branchless Banking Wallet as already mandated vide PSD Circular No. 02 of 2020 dated March 18, 2020. Before Covid-19 sender(bank) paid 0.07USD=15Rupees, changed to 7 Rupees for switching fee Now at 1 Rupee fee for switching fee, since March 2020 as part of COVID-19 response |
18th March 2020 | http://www.sbp.org.pk/psd/2020/C2.htm https://www.thenews.com.pk/print/644453-branchless-banking-retailers-incentivised | |||||
| 44 | Pakistan | South Asia | State Bank of Pakistan | Flexible KYC and On-boarding | 1. Biometric verification - Biometric Verification requirement on legacy Branchless Banking Level “1” accounts is extended till September 30, 2020. AFIs may introduce Biometric Verification through their mobile application for on boarding new customers under Branchless Banking Level “1” account after complying with NADRA Security Standards. 2. Digital agent on boarding - Agents can be on boarded with full KYC checks and back-end checks but without biometric verification and agent visit for now with a transaction limit of Rs. 500,000. (from Rs. 50,000) After September 30, 2020, Biometric Verification and Business Location visit of Agents shall be mandatory prior to opening of these accounts. 3. Digital on boarding of merchants - In order to minimize the risk of COVID-19 spread due to Biometric Verification and to promote digital payments, transaction limit for non-biometrically verified merchant accounts has been increased from Rs. 50,000/- to Rs. 500,000- per month till September 30, 2020. Similarly, the maximum account balance of such merchant accounts has been increased to Rs. 500,000- per month till September 30, 2020. In case of non- Biometric Verification of these merchants till September 30, 2020, transaction limit and maximum account balance will be reduced to Rs. 50,000/- per month. Update on 13th July 2020 as per BPRD Circular Letter No. 33 of 2020 - Keeping in view the ongoing impact of COVID-19 pandemic in the country, it has been decided to extend the validity of the measures stipulated in above referred Circular Letter from 30th June 2020 to December 31, 2020. |
26th March 2020 |
12/31/2020 | http://www.sbp.org.pk/bprd/2020/CL10.htm http://www.sbp.org.pk/bprd/2020/CL11.htm | ||||
| 45 | Pakistan | South Asia | State Bank of Pakistan | Increasing Transaction and Balance limits | Increased transaction limit - Branchless Banking customers can withdraw or deposit cash amount up to Rs. 25,000/- per month from their Level “0” account without Biometric Verification till September 30, 2020. However, two factor authentication is mandatory for cash out transactions. c. Daily transaction limit of Branchless Banking Level “0” account is not applicable on payments to trusted merchants (such as schools, hospitals, utility companies, merchants etc.) till September 30, 2020. Update on 13th July 2020 as per BPRD Circular Letter No. 33 of 2020 - Keeping in view the ongoing impact of COVID-19 pandemic in the country, it has been decided to extend the validity of the measures stipulated in above referred Circular Letter from 30th June 2020 to December 31, 2020. |
26th March 2020 | 12/31/2020 | http://www.sbp.org.pk/bprd/2020/CL10.htm | ||||
| 46 | Pakistan | South Asia | State Bank of Pakistan | Support to Agents | Agent operations - AFIs shall ensure that their agents wear masks during provision of Branchless Banking services and make available Liquid Soap and Sanitizers at all Biometric Touch Points. And they educate beneficiaries on this. |
26th March 2020 |
9/30/2020 | http://www.sbp.org.pk/bprd/2020/CL10.htm | ||||
| 47 | Mozambique | Sub-Saharan Africa | Bank of Mozambique | Fee Waivers | Transaction fees waived for P2P transactions of up to the daily limit 1,000 MT per day. |
30th March 2020 | http://www.bancomoc.mz/ (BM TOMA MEDIDAS EXTRAORDINÁRIAS PARA A MITIGAÇÃO DOS EFEITOS DO COVID-19) | |||||
| 48 | Mozambique | Sub-Saharan Africa | Bank of Mozambique | Increasing Transaction and Balance limits | Transaction limit increased from 25,000 MT to 50,000 MT Daily transaction limit increased from 125,000 to 250,000 MT Annual transaction limit for tier I customers increased to 400,000MT |
30th March 2020 | http://www.bancomoc.mz/ (BM TOMA MEDIDAS EXTRAORDINÁRIAS PARA A MITIGAÇÃO DOS EFEITOS DO COVID-19) | |||||
| 49 | Philippines | East Asia & Pacific | Bangko Sentral ng Pilipinas | Promoting Digital/electronic payments | Encouraged the use of e-payments amid the Luzon-wide, enhanced community quarantine (ECQ) to minimize face-to-face transactions and prevent the spread of COVID-19 | 22nd April 2020 | http://www.bsp.gov.ph/publications/media.asp?id=5363 | |||||
| 50 | Philippines | East Asia & Pacific | Bangko Sentral ng Pilipinas | Fee Waivers | Approved the suspension of charging of filing, processing, and licensing/registration fees relative to application to provide electronic payment and financial services (EPFS) as an additional relief to BSFIs affected by the Corona Virus Disease 2019 (COVID-19) situation. The relief shall be effective for a period of six (6) months from 8 March 2020. Extension of the Temporary Relief Measure on the Transactions with PhilPaSS until the Last Business Day of Year 2020 |
28th April 2020 5th June 2020 |
08/09/2020 31/12/2020 |
http://www.bsp.gov.ph/publications/media.asp?id=5369 http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m048.pdf | ||||
| 51 | Philippines | East Asia & Pacific | Bangko Sentral ng Pilipinas | Flexible KYC and On-boarding | BSP Relaxes KYC Requirements to Facilitate Access to Financial Services | 1st April, 2020 | 6/30/2020 | http://www.bsp.gov.ph/publications/media.asp?id=5342 | ||||
| 52 | Saudi Arabia | Middle East & North Africa | Saudi Arabian Monetary Authority | Promoting Digital/electronic payments | Financial institutions to encourage their customers to "conduct financial transactions through digital channels to ensure their safety, and to activate call centres to receive customer requests and enquiries while constantly monitoring the performance of digital channels. | 16th March 2020 | http://www.sama.gov.sa/en-US/News/Pages/news-520.aspx |
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| 53 | Saudi Arabia | Middle East & North Africa | Saudi Arabian Monetary Authority | Increasing Transaction and Balance limits | Raise the allowed top-up of the monthly ceiling limit for e-wallets up to (20,000) SAR, with the goal of boosting the digital payment transactions, in accordance with the prudential procedures taken to prevent the spread of the corona virus |
25th March 2020 |
http://www.sama.gov.sa/en-US/News/Pages/news-534.aspx | |||||
| 54 | Thailand | East Asia & Pacific | Department of Employment | Social and humanitarian transfers | Thai Cabinet announced a 200-billion baht stimulus to try and mitigate the impact of the Covid-19 outbreak. A part of that will be to provide 3 million informal workers with social security fund made either via direct transfers or through electronic wallets, including PromptPay. | 27th March | https://www.bangkokpost.com/thailand/general/1885640/cash-handouts-for-informal-workers | |||||
| 55 | Peru | Latin America & Caribbean | Superintendencia de Banca | Increasing Transaction and Balance limits | SBS extends the limit of operations to be carried out through electronic money accounts (Resolution No. 1262-2020) - The limit of each transaction is increased from S / 1,000 to S / 3,000. For consolidated balance of electronic money accounts of the same holder, the limit increases from S / 2,000 to S / 10,000. For conversions to electronic money accumulated in a month, the limit is increased from S / 2,000 to S / 10,000. For accumulated transactions (conversions, transfers, payments, reconversions, etc.) of in a month, the limit is increased from S / 4,000 to S /. 15,000. |
21st March 2020 | https://www.sbs.gob.pe/noticia/detallenoticia/idnoticia/2460?title=SBS%20ampl%C3%ADa%20l%C3%ADmite%20de%20operaciones%20a%20realizarse%20a%20trav%C3%A9s%20de%20cuentas%20de%20dinero%20electr%C3%B3nico | |||||
| 56 | Airtel Africa | Sub-Saharan Africa | Airtel Africa | Social and humanitarian transfers | UNICEF and Airtel Africa announce partnership to support children and families affected by COVID-19 The partnership will provide UNICEF with a means to facilitate vital cash assistance to alleviate financial barriers for some of the most vulnerable families across the region. |
20th May 2020 | https://airtel.africa/assets/pdf/FINAL_AIRTEL_AFRICA_AND_UNICEF_Partnership_announcement_CONFIDENTIAL_18May_2020.pdf | |||||
| 57 | Fiji | East Asia & Pacific | Reserve Bank of Fiji | Mobile money essential service declarations | All e-payment providers are still operating during this period and there are no expected disruptions to e-payment transactions during this period. (e-payment as essential service as per RBF) | 25th March 2020 | https://www.rbf.gov.fj/Publications-(1)/Press-Release-No-10-Essential-Financial-Services.pdf | |||||
| 58 | Fiji | East Asia & Pacific | Vodafone Fiji & PFIP | Fee Waivers | The United Nations’ Pacific Financial Inclusion Practice (PFIP) and Vodafone Fiji announced a partnership today whereby Vodafone will offer free remittances into Fiji on the M-PAiSA platform for the next two months. The new initiative aims to support Fijians experiencing financial hardship as a result of the COVID-19 pandemic as well as Tropical Cyclone Harold. Vodafone will waive all fees from May 14, 2020 until July 13, 2020 for both domestic and international remittances that are made using the M-PAiSA payment platform. | 14th May 2020 | 13th July 2020 | http://www.pfip.org/newsroom/programme-update/2020-2/vodafone-fee-free-remittances-covid19/?utm_medium=social&utm_source=linkedin&utm_campaign=postfity&utm_content=postfity1871a |
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| 59 | Tanzania | Sub-Saharan Africa | Bank of Tanzania | Increasing Transaction and Balance limits | Daily transaction limit increased from TZS 3m to Tzs 5m Daily balance increased TZS 5m to 10m |
12th May 2020 | https://www.bot.go.tz/Adverts/PressRelease/en/20200610213039114.pdf | |||||
| 60 | Malaysia | East Asia & Pacific | Bank Negara Malaysia | Mobile money essential service declarations | Mobile Money declared an essential service | Based on inputs received during GSMA Mobile Money COVID-19 round-table | ||||||
| 61 | Sri Lanka | South Asia | Presidential Secretariat | Mobile money essential service declarations | Bank & Financial services and Telecommunication were included in the essential services list. MFS comes under both, however, MM distribution in the market was attended under telecommunication services. | https://www.presidentsoffice.gov.lk/index.php/2020/04/21/provision-of-essential-services-should-be-attuned-with-covid-19-prevention-action-president/?lang=en | ||||||
| 62 | India | South Asia | Airtel Payment Bank | Fee Waivers | Airtel Payment Bank’s response to COVID19 waived off all charges on cash withdrawal through instant money transfer as a financial aid for its account holders due to lockdown | 7th May 2020 | https://telecom.economictimes.indiatimes.com/news/airtel-payments-bank-waives-off-cash-withdrawal-charges/75600962 | |||||
| 63 | India | South Asia | Reserve Bank of India | Promoting Digital/electronic payments | RBI Governor Shaktikanta Das urged Indians to use the Digital Payment infrastructure of the country in order to reduce the fallout of the Coronavirus Pandemic. “The RBI and the Government are giving a lot of emphasis in encouraging Digital Payments,” | 16th March 2020 | https://bfsi.economictimes.indiatimes.com/news/policy/rbi-pushes-digital-payments-in-the-time-of-covid-19/74655639 | |||||
| 64 | India | South Asia | Airtel Payment Bank | Support to Agents | Providing free insurance cover to its business correspondents i.e. if any Business Correspondent gets hospitalized due to COVID-19 then he/she will be eligible to receive a fixed allowance of INR 500 for each day of hospitalization, up to maximum of 15 days |
7th May 2020 | https://telecom.economictimes.indiatimes.com/news/airtel-payments-bank-waives-off-cash-withdrawal-charges/75600962 | |||||
| 65 | Myanmar | East Asia & Pacific | Government of Myanmar | Promoting Digital/electronic payments | GoM released Overcoming as One: COVID-19 Economic Relief Plan-CERP with 7 detailed goals and steps. Under Goal 5, Central Bank of Myanmar will promote the use of mobile payment service and GoM will use mobile payments where feasible. | 27th April 2020 | https://www.moi.gov.mm/moi:eng/?q=news/28/04/2020/id-21511 | |||||
| 66 | Myanmar | East Asia & Pacific | Central Bank of Myanmar | Increasing Transaction and Balance limits | Doubled transaction limit | Based on information received during GSMA Mobile Money Covid-19 Roundtable | ||||||
| 67 | Myanmar | East Asia & Pacific | Central Bank of Myanmar | Mobile money essential service declarations | Mobile Financial Service is deemed as essential service | Based on information received during GSMA Mobile Money Covid-19 Roundtable |
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| 68 | Lesotho | Sub-Saharan Africa | Central bank of Lesotho | Fee Waivers | All charges to customers for transfer of money from their bank accounts to mobile money accounts and vice versa, have been suspended for one month. All merchant payments transaction fees (shops, stores, supermarkets, gas stations, general markets, retail outlets, etc.) using mobile money as payment option for goods are also suspended for one month. All charges for person to person (P2P) funds transfer via internet or mobile money or mobile banking services are suspended for one month. |
24th March 2020 | Lapse 30 days from the start date | |||||
| 69 | Lesotho | Sub-Saharan Africa | Central bank of Lesotho | Increasing Transaction and Balance limits | The daily transaction limits for using mobile money to purchase goods and transfers have been adjusted, subject to Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) requirements, as follows, for three months: • Level 1 Category has been increased from US$250.00 to a maximum of US$500.00 or its equivalent in Liberian dollar; • Level 2 Category has been increased from US$1,000.00 to US$2,000.00 or its equivalent in Liberian dollar; and • Level 3 Category has been increased from US$2,000.00 to US$4,000.00 or its equivalent in Liberian dollar. The monthly aggregate transaction limits for purchasing of goods and transfers through mobile money have been adjusted, subject to AntiMoney Laundering/Combating Financing of Terrorism (AML/CFT) requirements, as follows, for three months: • Level 1 Category has been increased from US$2,000.00 to a maximum of US$3,000.00 or its equivalent in Liberian dollar; • Level 2 Category has been increased from US$8,000.00 to US$12,000.00 or its equivalent in Liberian dollar; and • Level 3 Category has been increased from US$20,000.00 to US$30,000.00 or its equivalent in Liberian dollar. |
24th March 2020 | Lapse 3 months from the start date | https://www.cbl.org.lr/doc/response%20to%20corona.pdf | ||||
| 70 | Malawi | Sub-Saharan Africa | Reserve Bank of Malawi | Fee Waivers | Fees on all on-net P2P transfers waived Reduce user fees & charges on P2P transactions across networks from a minimum of K.120 to K.20 through the Nat Switch Response by MNOs - TNM Mpamba has extended free P2P to all off-net transactions. |
23rd April 2020 | https://www.rbm.mw/Home/GetContentFile/?ContentID=37568 | |||||
| 71 | Malawi | Sub-Saharan Africa | Reserve Bank of Malawi | Increasing Transaction and Balance limits | Daily transaction limits increased to K. 1. million & K 30 million per day for subscribers & agents respectively. Account balance reviewed upwards to K. 2 million & K. 35 million for subscribers & agents respectively. |
23rd April 2020 | https://www.rbm.mw/Home/GetContentFile/?ContentID=37568 | |||||
| 72 | Vietnam | East Asia & Pacific | State Bank of Vietnam | Fee Waivers | 1. Substantial fee cuts for the use of NAPAS, Vietnam's inter-bank transfer/payment system. 2. 50% cut in interbank money transfer service fee for transactions valued from over VND 500,000 to VND 2,000,000.Expires December 31, 2020 |
25th March 2020 | 31st December 2020 | https://bit.ly/3cQA4AF https://napas.com.vn/tin-tuc/tin-napas/-napas-tiep-tuc-giam-50%25-phi-dich-vu-chuyen-tien-lien-ngan-hang.-1-671.html |
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| 73 | Jordan | Middle East & North Africa | Central Bank of Jordan | Others: Promote interoperability, sandbox, trust account interest usage | Stemming from the Central Bank of Jordan’s commitment towards promoting entrepreneurship in FinTech, and in light of the current COVID-19 crisis and the significant role technology plays in different fields, the Central Bank is now accepting applications to enter the FinTech Regulatory Sandbox 2020 in an initiative titled: “FinTech in COVID19 and Beyond”. | 30th April 2020 | https://www.cbj.gov.jo/DetailsPage/CBJEN/NewsDetails.aspx?ID=291 | |||||
| 74 | Guinea | Sub-Saharan Africa | Central Bank of Guinea | Fee Waivers | MNO's authorized to review MM charges downwards | 16th April 2020 | All measures to lapse 6 months after start date | ** Information received from Central Bank of Guinea | ||||
| 75 | Guinea | Sub-Saharan Africa | Central Bank of Guinea | Flexible KYC and On-boarding | MNO's authorized to open "special entry-level accounts" with simplified KYC Remote opening on MM accounts allowed. |
16th April 2020 | All measures to lapse 6 months after start date | ** Information received from Central Bank of Guinea |
| COVID-19 Mobile Money Regulatory Response Type by Countries | ||||||||||
| Policy Response Type | ||||||||||
| Market | Fee Waivers | Flexible KYC and On-boarding | Promoting Digital/electronic payments | Support to Agents | Social and humanitarian transfers | Others: Promote interoperability, sandbox, trust account interest usage | Mobile money essential service declarations | Increasing Transaction and Balance limits | Grand Total | |
| Bangladesh | 1 | 1 | 1 | 3 | ||||||
| Cameroon | 1 | 1 | ||||||||
| Congo, Democratic Republic of | 1 | 1 | 1 | 3 | ||||||
| Côte d'Ivoire | 1 | 1 | 1 | 1 | 4 | |||||
| Egypt, Arab Rep. | 1 | 1 | 1 | 1 | 4 | |||||
| Fiji | 1 | 1 | 2 | |||||||
| Ghana | 1 | 1 | 1 | 1 | 4 | |||||
| Guinea | 1 | 1 | 2 | |||||||
| India | 1 | 1 | 1 | 3 | ||||||
| Indonesia | 1 | 1 | 1 | 3 | ||||||
| Jordan | 1 | 1 | ||||||||
| Kenya | 1 | 1 | 1 | 3 | ||||||
| Lesotho | 1 | 1 | 2 | |||||||
| Liberia | 1 | 1 | 2 | |||||||
| Malawi | 1 | 1 | 2 | |||||||
| Malaysia | 1 | 1 | ||||||||
| Mozambique | 1 | 1 | 2 | |||||||
| Myanmar | 1 | 1 | 1 | 3 | ||||||
| Nigeria | 1 | 1 | ||||||||
| Pakistan | 1 | 1 | 1 | 1 | 1 | 5 | ||||
| Peru | 1 | 1 | ||||||||
| Philippines | 1 | 1 | 1 | 3 | ||||||
| Rwanda | 1 | 1 | 2 | |||||||
| Saudi Arabia | 1 | 1 | 2 | |||||||
| Senegal | 1 | 1 | 1 | 3 | ||||||
| Sri Lanka | 1 | 1 | ||||||||
| Tanzania | 1 | 1 | ||||||||
| Thailand | 1 | 1 | ||||||||
| Togo | 1 | 1 | 1 | 1 | 4 | |||||
| Uganda | 1 | 1 | ||||||||
| Vietnam | 1 | 1 | ||||||||
| Zambia | 1 | 1 | 1 | 3 | ||||||
| Grand Total | 23 | 8 | 7 | 2 | 7 | 3 | 5 | 19 | 74 | |
| *Airtel Africa's social and humanitarian transfer initiative across Sub-Saharan Africa is a region-wide initiative and hence not included in country specific analysis. | ||||||||||
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