Barran Press
The Central Bank of Yemen, headquartered in the temporary capital Aden, has issued a directive banning all dealings with 12 unlicensed entities, wallets, and electronic payment services. The directive, issued on Wednesday, June 26th, 2024, applies to all banks, exchange companies, and money transfer institutions operating in Yemen.
The central bank's statement, published on its official website and obtained by Barran Press, cites the entities' unauthorized operation and promotion of electronic payment and money transfer services as the primary reason for the ban. The bank considers this a violation of existing laws, regulations, and procedures governing electronic payment services. It emphasizes that strict legal penalties will be imposed on any violators of the directive.
The banned entities include Cash Wallet, Al-Dowaly Money Wallet, Jawaly Wallet, Fluosk Wallet, Saba Cash Wallet, Mobile Money Wallet, Yemen Walt Wallet, Electronic Rial Wallet, Rial Mobile Wallet, Jaib Wallet, We cash for Electronic Payment Services and Systems, and Al-Mutakamila Wallet.
The central bank's decision is based on the "Law No. (14) of 2000 concerning the Central Bank and its amendments," "Law No. 40 of 2006 concerning Payment Systems, Financial and Banking Operations," "Anti-Money Laundering and Combating the Financing of Terrorism Law No. 1 of 2010 and its executive regulations and amendments," and relevant regulatory instructions issued by the bank.
This move by the Central Bank of Yemen aims to regulate the burgeoning e-payment sector and ensure compliance with anti-money laundering and terrorism financing regulations. The ban is expected to impact the use of these services and could potentially disrupt financial transactions in the country.