Djezzy Secures Central Bank Nod for Mobile Payments
Algeria's financial landscape is poised for significant modernization following the preliminary authorization granted to Djezzy Payment Services, a subsidiary of Optimum Telecom Algérie, by the Monetary and Banking Council of the Bank of Algeria. This landmark decision marks the first time a mobile telecommunications operator has been cleared to establish a Payment Service Provider (PSP) in the Algerian market. The initiative is a strategic step aimed at accelerating financial inclusion and digitizing monetary transactions nationwide, ushering in a new era for digital finance in the country.
The authorization concretizes provisions within Law 23-09 on Money and Banking, which establishes a framework for new non-banking intermediaries in the financial architecture. The Monetary and Banking Council's decision was also made in accordance with Regulation No. 25-02, which outlines the conditions for the authorization, accreditation, and operation of Payment Service Providers. This initial approval permits the legal incorporation of Djezzy Payment Services, though it does not yet allow immediate commercial operations. The company is required to submit a comprehensive application for accreditation to the Bank of Algeria within twelve months, during which it must demonstrate robust technical resilience, anti-fraud safeguards, and full capital compliance.
The introduction of specialized payment providers like Djezzy Payment Services forms a core pillar of the state's broader digital economic strategy. By promoting mobile payment solutions, including merchant point-of-sale integration and QR-code systems, Algerian authorities aim to modernize domestic trade and reduce the prevalence of the informal economy. The Bank of Algeria's reform efforts seek to achieve a triple objective: to accelerate the digitalization of the national economy, substantially curb reliance on paper currency in commercial transactions, and reinforce mechanisms for combating money laundering. This development is expected to spark a competitive fintech landscape, ultimately reshaping the daily financial habits of millions of Algerian consumers.
