Template for a Model MOU between a Telecommunications Regulator and Central Bank on DFS

Basis of the Memorandum of Understanding

In recognition of the growing convergence of telecommunications and financial services in what has been identified as 'Digital Financial Services' the Authorities have identified a need for Regulatory interaction and collaboration to ensure the integrity, security, stability and protection of participants and end users relating to the provision of these services.

The Central Bank and the National Telecommunications Regulator shall cooperate with each other for the oversight and supervision of DFSPs and MNO communications networks under their respective financial and telecommunications mandates to ensure the highest levels of security, reliability, consumer protection, fair and equitable access to facilities, and confidentiality.

Recognizing too that both the Central Bank and the National Telecommunications Regulator each have limited scope of supervision and oversight of components of DFS, this MOU is entered into to establish the manner in which the authorities will jointly oversee, supervise, and interact with each other in respect of any matters relating to DFS that touch on their respective mandates and remits, and so together strengthen and/or address any gaps in the Regulatory, supervisory and oversight framework for DFS in (the country).

This MOU is entered on the basis of mutual respect, in a spirit of goodwill, and does not affect the independence of the two Authorities hereto.

This MOU aims to promote the integrity, efficiency, and efficacy of participants by improving effective regulation and enhancing the supervision of DFS.