Algeria's monetary and banking council, led by Governor Mahand Buraï, has granted a license to Jazi Payment Services, a subsidiary of Optimium Telecom Algeria, to operate as a payment service provider. This move aims to diversify payment methods and promote financial inclusion. The new license is part of a broader effort to modernize the country's financial sector.
The license was granted in accordance with the country's financial laws and regulations, specifically Law No. 23-09, which governs the country's monetary and banking system. The law introduced the concept of payment service providers, allowing new financial intermediaries to operate in the market. Jazi Payment Services is the first company to receive such a license.
The initial license allows Jazi to begin operating as a payment service provider, but the company must submit a formal request for final approval within 12 months. The approval process ensures that the company meets all necessary requirements and regulations. The country's central bank, Banque d'Algérie, will oversee Jazi's operations and ensure compliance with financial regulations.
The introduction of payment service providers is expected to increase financial inclusion and promote economic growth. These new financial intermediaries will provide innovative payment solutions, making it easier for citizens and businesses to conduct transactions. The move is part of a broader effort to modernize Algeria's financial sector and promote digital payments.
Jazi Payment Services is a subsidiary of Optimium Telecom Algeria, a leading telecommunications company in the country. The company's experience in the telecommunications sector will likely help it to develop innovative payment solutions. Jazi's entry into the payment services market is expected to increase competition and drive innovation in the sector.
The license granted to Jazi Payment Services is a significant step towards promoting financial inclusion and modernizing Algeria's financial sector. The country's central bank has emphasized the importance of developing digital payment systems, and this move is expected to contribute to this effort. The introduction of new payment service providers is expected to have a positive impact on the country's economy.
The granting of the license to Jazi Payment Services reflects the Algerian government's efforts to promote economic development and financial inclusion. The country's financial sector is expected to benefit from the introduction of new payment service providers, and Jazi is well-positioned to play a key role in this process. The company's innovative payment solutions are expected to make a positive impact on the country's economy.
Key points
- Algeria grants license to Jazi Payment Services to operate as a payment service provider.
