Digital Financial Services (Dfs) Working Group

DIGITAL FINANCIAL SERVICES (DFS) WORKING GROUP

Bringing policymakers together to discuss regulatory issues related to digital financial services (DFS), and promote DFS as a major driver of financial inclusion in emerging and developing countries. The DFS Working Group develops policy guidelines, conducts peer reviews, and actively engages the DFS and FinTech industry and global Standard-Setting Bodies (SSBs).

WWW.AFI-GLOBAL.ORG #DFS #AFIWG AT A GLANCE

KEY OBJECTIVES > Create an enabling policy and regulatory environment for transformational DFS at national levels; > Develop a shared understanding of the risk profiles of emerging digital financial services business models, which is essential in designing appropriate regulatory frameworks; > Stimulate discussion and learning on new approaches and good practices in DFS regulation by encouraging policymakers to exchange experiences; > Provide a platform for capturing, tracking and sharing information on innovative DFS, products, business models and appropriate new policy responses; > Establish linkages and provide inputs, where appropriate, to global Standard-Setting bodies (SSBs) and other stakeholders seeking to establish proportionate supervisory practices for DFS.

PLANNED ACTIVITIES

> DFS and Consumer Protection Policy Model Subgroup (jointly with CEMCWG): Policy model on DFS and Consumer protection. > Data Protection & Privacy Subgroup: White paper - Data Protection & Privacy in the Age of Data Driven Financial Services. > QR Code Standardization Subgroup: Guideline Note on QR code standardization including case studies to understand different models and issues related to QR codes payments and standardization. > Digital Financial Literacy and Capability subgroup (jointly with CEMCWG): Guideline Note on Digital Financial Literacy and Capability. > Regulatory Sandboxes Subgroup: Toolkit on Regulatory Sandboxes. > Regtech Technical Taskforce (DFSWG Focal Points): Special Report: Regtech for Financial Inclusion.

Member Policy Knowledge 71 Institutions 66 Countries 184 Changess 21 Products KNOWLEDGE PRODUCTS PEER REVIEWS

> Lessons on Enhancing Women’s Financial > Superintendencia de Banca y Seguros 2020 Inclusion Using Digital Financial Services del Perú (DFS). Draft regulation on “Information security > Policy Framework for Leveraging Digital and cybersecurity management” Financial Services to Respond to Global > Bank of Sierra Leone Emergencies – Case of COVID-19. Tiered KYC Requirements > Cybersecurity for financial inclusion: > Central Bank of Sri Lanka 2019 framework & risk guide Financial Technology Regulatory Sandbox > Policy Model for E-Money > Central Bank of Egypt > Policy framework for women’s financial Regulatory Sandbox inclusion using digital financial services > Da Afghanistan Bank > Guideline Note 33: Digital Financial 2016 Electronic Money Institution’s Services Indicators Regulation > Guideline Note 32: KYC Innovations, Financial Inclusion and Integrity in > Banco Central de Timor-Leste selected AFI Member Countries Regulation on Electronic Fund Transfers > Central Bank of Sudan > FinTech for Financial Inclusion: Mobile Payment Rules 2018 A Framework for Digital Financial Transformation > Direction Générale du Trésor, Ministère > Guideline Note 30: Innovative Cross- des Finances et du Budget (Madagascar) Border Remittance Services: Experiences Law on E-Money and E-Money Issuers from AFI Member Countries > Bank of Ghana > Financial Inclusion through Digital Guidelines for E-Money issuers Financial Services and FinTech: The > Bank of Tanzania Case of Egypt MFS regulations (2011), E-Money regulations > Systems to support Financial Inclusion (2015) Digitally Enabled Cross Border > Central Bank of Yemen Remittances in Lesotho: Key Policy Regulations on mobile e-money services Consideration to Break Uptake Barriers > Banque Centrale de la République de > Guideline Note 29: National Retail Guinèe (BCRG) 2017 Payment Circular letter on MFS and Agent Banking > National Bank of Ethiopia > Guideline Note 19: DFS Basic MFS and agent banking service directives 2016 Terminology > Bank of Sierra Leone > Guideline Note 15: MFS Assessing Levels Guidelines on mobile money services 2014 of Interoperability > Central Bank of Liberia > Guideline Note 14: MFS Mobile-Enabled Guidelines on mobile money services Cross-Border Payments > Bank of Papua New Guinea > Guideline Note 13: MFS Consumer MFS regulations Protection in Mobile Financial Services > Reserve Bank of Malawi > Guideline Note 12: MFS Supervision and Agent banking regulations Oversight of Mobile Financial Services > Royal Monetary Authority of Bhutan > Guideline Note 11: MFS Indicators E-Money issuing regulations 2013 for Measuring Access and Usage > Central Bank of Egypt > Guideline Note 03: MFS Regulatory Regulatory Sandbox approach Reporting > Central Bank of Sierra Leone > Guideline Note 02: MFS Technology Risks Tiered KYC Framework > Guideline Note 01: MFS Basic Terminology MEMBER INSTITUTIONS > Central Bank of Seychelles > Central Bank of Solomon Islands > Central Bank of Sri Lanka CHAIR > Central Bank of the Bahamas > Central Bank of The Gambia > Bank of Mozambique > Central Bank of the Republic of CO-CHAIR Uzbekistan > Central Bank of the Russian Federation > Central Bank of Russia > Centrale Bank van Suriname > Central Bank of Egypt > Comisión Nacional Bancaria y de Valores de México (CNBV) > Banco Central de Reserva de El Salvador > Comisión Nacional de Bancos y Seguros > Banco Central de São Tomé e Príncipe de Honduras > Banco Central de Timor-Leste > Da Afghanistan Bank > Banco Central del Paraguay > Direction Générale du Trésor, Ministère > Banco de la República de Colombia de l’Economie et des Finances, > Banco de Moçambique Madagascar > Banco Nacional de Angola > Financial Regulatory Commission of > Bangko Sentral ng Pilipinas Mongolia > Bangladesh Bank > Maldives Monetary Authority > Bank Al-Maghrib > Ministère de l’Économie et des Finances > Bank Negara Malaysia de la Côte d’Ivoire > Bank of Ghana > Ministère de l’Economie, des Finances et > Bank of Namibia du Budget du Sénégal > Bank of Papua New Guinea > Ministère des Finances de la République > Bank of Sierra Leone Tunisienne > Bank of Tanzania > Ministry of Finance - Eswatini > Bank of Thailand > Ministry of Finance Zambia > Bank of Uganda > National Bank of Cambodia > Bank of Zambia > National Bank of Rwanda > Banque Centrale de la Republique > National Bank of Tajikistan de Guinée > National Bank of the Republic of Belarus > Banque Centrale de Madagascar > National Reserve Bank of Tonga > Banque Centrale de Mauritanie > Nepal Rastra Bank > Banque Centrale de Tunisie > Palestine Monetary Authority > Banque Centrale des Etats de l’Afrique > Reserve Bank of Fiji de l’Ouest (BCEAO) > Reserve Bank of Malawi > Banque Centrale du Congo > Reserve Bank of Vanuatu > Banque de la République d’Haiti > Reserve Bank of Zimbabwe > Banque de la République du Burundi > Royal Monetary Authority of Bhutan > Central Bank of Armenia > Russian Microfinance Center > Central Bank of Egypt > State Bank of Pakistan > Central Bank of Eswatini > Superintendencia de Banca, Seguros y > Central Bank of Jordan AFP del PerúSuperintendencia de la > Central Bank of Lesotho Economía Popular y Solidaria de Ecuador > Central Bank of Liberia > Superintendencia General de Entidades > Central Bank of Nigeria Financieras de Costa Rica (SUGEF) > Central Bank of Samoa