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A Guide to Supervising E-Money Issuers

Although a specialized regulatory window for e-money issuers (EMIs) has been recognized as a key regulatory enabler for inclusive digital financial services, regulation alone is not enough. It needs to be complemented by an efficient and effective supervisory regime to enforce compliance. While there is a solid body of evidence about how to regulate EMIs, much less guidance exists on how to supervise them. The role of supervision is to (i) ensure risks are identified, managed, and mitigated by EMIs; (ii) enforce compliance with regulatory requirements; and (iii) manage EMI crises. Proportional, risk-based supervision helps EMDEs keep e-money markets safe while advancing financial inclusion.

This guide investigates EMI supervision drawing on experiences, interviews with EMI supervisors, and available literature to provide guidance to EMDE supervisors who wish to design a proportional approach to EMI supervision.

CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, we test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. We research and experiment to achieve proof of concept and extract lessons that can be built to scale by our partners, who apply our insights in the marketplace.