The Central Bank of Tunisia (BCT) has published a new circular, number 2026-10, on September 25, 2026, defining the rules governing the activity and functioning of payment institutions. This circular outlines conditions for exercising payment activities and specific requirements for governance, internal control, and reporting to the BCT. The new circular replaces and repeals the 2018 circular, number 2018-16, and will come into effect in three months.
The new circular allows payment institutions to provide a range of services to their clients, including opening payment accounts in dinars, cash deposit and withdrawal operations, and electronic fund transfers. These services also cover payment operations via remote or proximity means, issuance of electronic payment means, and marketing of prepaid electronic money. Additionally, payment institutions can receive funds from abroad and perform manual exchange operations, subject to BCT rules and conditions.
All payment services must be provided exclusively in Tunisian dinars and within Tunisia. The circular emphasizes that payment institutions must have an effective governance system in place, adapted to their activities, complexity, and risk profiles. This system should ensure sound and prudent management, protecting the interests of shareholders, creditors, and clients.
The circular requires payment institutions to establish an audit and risk committee, which must develop a charter outlining its roles, composition, and operating rules. These institutions must also create independent audit, risk management, and compliance control functions within their organizations. These control functions must have clear attributions and be separate from operational and support structures.
The new circular also redefines internal control rules and anti-money laundering measures, requiring payment institutions to implement an internal control system adapted to their activities, size, complexity, and related risks. This system must address risks of money laundering, terrorism financing, and mass destruction weapons proliferation.
According to the BCT, the new circular aims to strengthen the regulatory framework for payment institutions, promoting a safe and stable payment system in Tunisia. The circular provides a detailed framework for the governance, risk management, and control of these institutions, ensuring that they operate in a secure and reliable manner.
The implementation of the new circular is expected to enhance the oversight and regulation of payment institutions in Tunisia, contributing to the country's financial stability and integrity. The BCT will monitor the compliance of payment institutions with the new rules and regulations, taking enforcement actions when necessary.
Key points
- The new circular introduces stricter governance and risk management requirements for payment institutions in Tunisia.
- Payment institutions must establish an audit and risk committee and create independent control functions.
- The circular aims to strengthen anti-money laundering measures and promote a safe and stable payment system in Tunisia.
