Benin Annual Monitor 2015

Benin Annual Monitor 2015

July 27, 2016 - 10:26 -- mm4p.intern

With only three e-money providers, including two that received their licence in late 2013, digital financial services (DFS) in Benin are limited both in terms of providers (ASMAB, Moov, MTN) and products (cash-in/cash-out, airtime top-ups, person-to-person transfers). Agent networks are largely proprietary and there is no interoperability. Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) issued new and better regulatory instructions for e-money issuers in May 2015 that address some of the gaps in the 2006 instructions. However, there are still opportunities for improvement, particularly with regards to know-your-customer (KYC), interoperability, agent banking, customer protection, market conduct and supervision. There is genuine misunderstanding in Benin of the e-money regulatory framework, especially by microfinance institutions (MFIs). Neither Moov nor MTN has applied for an e-money licence, though ASMAB has obtained one and is the first MFI to do so in the West African Economic and Monetary Union (WAEMU).

Publication and Practitioners Guides and Training Tools
Country: 
Programme: 
Mobile Money for the Poor (MM4P)
Practice Area: 
Inclusive Finance
Document Date: 
Jul 28, 2016
Document Download: 

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