Algeria's central bank, Banque d'Algérie, announced on Wednesday that its Monetary and Banking Council has granted a license to Djezzy Payment Services, a subsidiary of Optimum Telecom Algérie, to operate as a Payment Service Provider (PSP). This decision was made in accordance with the 2023 financial law, which aims to diversify payment methods and enhance financial inclusion. The license allows Djezzy Payment Services to offer various payment services to users and merchants.
The licensed services include opening and managing payment accounts, cash deposits and withdrawals, money transfers, and executing card-based payment transactions. Djezzy Payment Services can also issue payment cards and instruments, acquire electronic payment transactions for merchants, and facilitate money transfers. This move is expected to increase access to financial services for Algerians and promote a more inclusive financial system.
According to the regulations set by Banque d'Algérie, Djezzy Payment Services must submit an application for accreditation within 12 months of receiving the license. The accreditation process will ensure that the company meets the necessary requirements and standards to operate as a PSP. The central bank will oversee the activities of Djezzy Payment Services to ensure compliance with regulatory requirements.
The introduction of PSPs in Algeria is part of a broader effort to modernize the country's financial sector and promote digital payments. The use of mobile phones for financial transactions is becoming increasingly popular in Algeria, and the licensing of Djezzy Payment Services is expected to further accelerate this trend. The company will face competition from other mobile phone operators and financial institutions that offer similar services.
The decision to license Djezzy Payment Services as a PSP is seen as a positive step towards promoting financial inclusion and reducing the reliance on cash transactions in Algeria. The country's financial sector has been working to increase access to financial services for underserved populations, and the introduction of PSPs is expected to play a key role in this effort.
Djezzy Payment Services is a subsidiary of Optimum Telecom Algérie, a mobile phone operator in Algeria. The company has a significant presence in the country, with a large customer base and a network of retail outlets. The licensing of Djezzy Payment Services as a PSP is expected to leverage this existing infrastructure to promote financial inclusion and digital payments.
The licensing of Djezzy Payment Services as a PSP is a significant development in Algeria's financial sector. The company will play a key role in promoting financial inclusion and digital payments in the country. Key points include:
Key points
- The license allows Djezzy Payment Services to offer various payment services to users and merchants.
- The company must submit an application for accreditation within 12 months of receiving the license.
- The introduction of PSPs in Algeria aims to promote financial inclusion and reduce reliance on cash transactions.
