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Tunisia’s Financial Services Regulatory Landscape Undergoes Significant Updates

In an effort to promote financial inclusion, Tunisia has been implementing various regulatory updates aimed at strengthening its financial services sector. According to recent data, the North African country boasts an impressive 35 ATMs per 100,000 people, up from just 10 in 2018.

Promoting Financial Inclusion

  • Mobile money adoption has seen significant strides, with 20 registered agents per 100,000 people.
  • Despite this progress, an estimated 70% of the adult population remains unbanked, highlighting the need for further initiatives to bridge this gap.

Internet and Mobile Penetration

  • Internet penetration: 60% of individuals in Tunisia used the internet within the last three months.
  • Mobile subscriptions have reached an impressive 125 per 100 inhabitants.
  • The country’s Mobile Connectivity Index has also improved significantly, scoring 64 out of 100 points.

Affordable Data Plans and Innovation

  • Tunisia ranks among the most affordable countries globally in terms of data-only mobile-broadband costs, with a monthly plan for 2GB of high-speed data priced at just $3.50.
  • The country’s composite innovation capability score is 64.6 points, reflecting its efforts to enhance digital infrastructure and adoption.

Digital Infrastructure and Adoption

  • Tunisia boasts a digitally enabled ID system for individuals, enabling them to access various government services online.
  • The country’s Network Readiness Index has improved to 61.1 points, reflecting its efforts to enhance digital infrastructure and adoption.

Financial Consumer Protection and Payment Systems

  • The Financial Consumer Protection (FCP) Legal Framework has been in place since 2018.
  • The Payment Infrastructure in Tunisia consists of both electronic and mobile payment systems, while electronic money regulations have been streamlined for financial institutions.

Innovation Facilitators

  • Tunisia has launched various innovation facilitators, including a regulator accelerator, sandbox, and innovation hub, aimed at fostering fintech growth and adoption.

Challenges and Gaps

  • According to recent surveys, 70% of the adult population owns an account, but there is a significant gender gap in account access (10 percentage points) and digital payments (15 percentage points).
  • Urban-rural gaps also persist, with 85% of urban residents having account access compared to just 55% of rural residents.