Title: Regulatory framework for digital financial services in Côte d’Ivoire : a diagnostic study
Abstract: Regulation plays a critical role in the development and spread of digital financial services (DFS). This paper offers an analysis of the regulatory framework for DFS in Cote d’Ivoire, including its coverage, its enabling features, and its gaps and obstacles. The author discusses priority areas for strengthening and reform, to be addressed at the national level and at the level of the West African Economic and Monetary Union (WAEMU), of which Cote d’Ivoire is a member state. We aim to provide analysis that is relevant and useful to policy makers in Cote d’Ivoire and to others interested in DFS regulation and its links with financial inclusion. Part two provides a brief overview of the Ivoirian context in key market and policy developments. In the four parts that follow, we review the core elements of the regulatory framework for DFS in Cote d’Ivoire (i.e., what CGAP calls ‘basic regulatory enablers’). We consider the provisions governing e-money issuance and the use of agents in DFS (parts three–four), these are necessary conditions for moving financial services into the digital realm and making them broadly accessible in this form. Next, author examine the provisions on customer identification and consumer protection (parts five-six). Such safeguards, along with protections embedded in e-commerce and personal data handling regulations, should strengthen security and confidence in the safety of DFS, provide for the enforcement of customer rights, and thereby encourage wider use of DFS. Part seven covers the complex of regulatory authorities involved in this field, along with the competitive challenges that result.
Publication Year: 2017
Publication Date: 2017-11-01
Language: en
Type: article
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