Djezzy Receives Bank of Algeria Green Light for Mobile Payments
Djezzy, a prominent telecommunications operator, has obtained authorization from the Bank of Algeria to introduce mobile payment services, a development noted as a first in Algeria. This initiative is designed to advance the modernization of payment methods and contribute to the enhancement of financial inclusion nationwide, representing a new phase in the country's digital financial evolution.
The authorization was formally granted by the Monetary and Banking Council of the Bank of Algeria during an ordinary session, presided over by Governor Mohand Bouraï. This decision permits "Djezzy Payment Services," a subsidiary of Optimum Telecom Algérie, to be constituted as a Payment Services Provider (PSP). The move is a foundational step in establishing new financial intermediaries that aim to diversify the array of payment options available to the Algerian populace.
Payment Services Providers are integral to the new framework introduced by Law 23-09, which pertains to monetary and banking regulations, specifically designed to bolster financial inclusion. This initial authorization for constitution aligns with regulation n° 25-02, which outlines the conditions for authorizing the establishment and operation of PSP activities. Following this, Djezzy Payment Services is expected to submit a formal agrément request to the Bank of Algeria within twelve months from the notification date of the constitution authorization, further solidifying its role in Algeria's evolving financial landscape.
