Côte d’Ivoire’s Financial Regulators Unveil New Guidelines for Digital Financial Services
The regulatory body in Côte d’Ivoire has issued new guidelines aimed at enhancing the security and transparency of digital financial services (DFS) in the country. The directive, which takes effect immediately, requires DFS providers to implement stricter measures to prevent money laundering and terrorist financing.
Enhancing Security and Transparency
Under the new guidelines, DFS providers will be required to:
- Verify the identity of their customers using official documents, such as national IDs or passports
- Train personnel on anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations
- Establish internal controls to ensure compliance
Consumer Protection
The directive also emphasizes the importance of consumer protection in DFS transactions. Providers are required to:
- Disclose clearly and transparently the terms and conditions of their services, including fees and risks associated with using DFS
- Provide channels for customers to report complaints and have a system in place to handle disputes fairly and promptly
Standardization of Contracts
To enhance consumer protection, the regulators have also emphasized the need for standardization of contracts between DFS providers and their customers. While there is no requirement regarding format or language, the directive encourages providers to make their contracts easily accessible to all customers.
Data Protection
The guidelines also cover data protection, with providers required to:
- Protect personal customer data in accordance with general provisions on confidentiality and personal data security in banking, microfinance, and e-money regulations
Key Takeaways
- DFS providers must verify customer identity using official documents
- Providers must train personnel on AML/CFT regulations and establish internal controls to ensure compliance
- Providers must disclose terms and conditions clearly and transparently
- Standardization of contracts between providers and customers is encouraged
- Data protection is covered by general provisions on confidentiality and personal data security
Impact and Goals
The implementation of the new guidelines is seen as a major step forward in promoting financial inclusion and stability in Côte d’Ivoire. The regulators believe that by ensuring the security and transparency of DFS transactions, they can increase trust among consumers and promote the growth of the sector.