Central Bank of Tunisia Grants "First Pay" Payment Institution License
The Central Bank of Tunisia (BCT) has granted "First Pay" a license to operate as a resident payment institution. This decision, made by the BCT's licensing commission, was officially announced through the publication of Decision No. 59 on July 1, 2024, in the Official Journal of the Tunisian Republic on August 9, 2024.
Obtaining this license marks a significant milestone for "First Pay", which now has six months from the notification of this decision to begin its operations in Tunisia. This license enables "First Pay" to join the payment services sector, a rapidly expanding field in the country, aiming to modernize and diversify the available payment methods for Tunisians.
In accordance with Article 10 of Law No. 2016-48 of July 11, 2016, related to banks and financial institutions, payment institutions are authorized to offer a range of services. These services include cash deposits and withdrawals, direct debits, and payment operations via various supports, including checks, promissory notes, postal orders, and other paper equivalents. Fund transfer operations are also covered by this license.
The entry of "First Pay" into the Tunisian market takes place in a context where financial authorities are encouraging the digitalization of financial services and banking inclusion. This new presence could contribute to greater accessibility and fluidity of payment services, responding to the growing needs of consumers and businesses in Tunisia.
"First Pay" is now positioned to play a key role in the evolution of the payment sector in Tunisia, with the possibility of innovating and offering solutions tailored to the market's needs.
