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 Subgroup (jointly with CEMC WG) - Policy Model on Consumer Protection for DFS. > QR Code Standardization Subgroup: - Guideline Note on QR Code standardization. > Digital Financial Literacy (jointly with CEMC WG): - Guideline Note Digital Financial Literacy and Capability. > Data Protection & Privacy Subgroup: - Guideline Note on Data Protection & Privacy. > RegTech Taskforce (jointly with FID WG and GSP WG): - Special Report on Regtech for Financial Inclusion. > Special Report on “Innovation and Smart Regulation - An AFI Report”: - A global survey of fintech initiatives and innovative regulatory approaches. > Case Studies: - Innovative Regulatory Approaches, Consumer Protection & e-money, Multi-sectoral approach to DFS & Gender, E-money supervision tools, Role of digital financial infrastructure in enabling women’s financial inclusion.

Member Policy Knowledge 69 Institutions 64 Countries 143 Changess 19 Products KNOWLEDGE PRODUCTS PEER REVIEWS

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