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Digital Financial Services
Working Group (DFSWG)

Digital Financial Services
Working Group (DFSWG)

A platform for policymakers to discuss regulatory issues relating to digital financial services, including mobile financial services, branchless banking, electronic money and digital payment solutions.

DFSWG aims to promote digital financial services as a major driver of greater financial inclusion in emerging and developing countries.

It encourages policymakers to exchange experiences to develop a shared understanding of the risks in emerging digital financial services business models. At the same time, it works with global standard-setting bodies in order to represent the voice of developing and emerging countries.



Ehab Nasr, Central Bank of Egypt


Alejandro Medina, SPS Peru


Candy Ngula, Bank of Namibia

  • Create an enabling policy and regulatory environment for transformational DFS at national levels;
  • Develop a shared understanding of the risk profiles of emerging digital financial services business models, which is essential in designing appropriate regulatory frameworks;
  • Stimulate discussion and learning on new approaches and good practices in DFS regulation by encouraging policymakers to exchange experiences;
  • Provide a platform for capturing, tracking and sharing information on innovative DFS, products, business models and appropriate new policy
  • Establish linkages and provide inputs, where appropriate, to global Standard-Setting bodies (SSBs) and other stakeholders seeking to establish proportionate supervisory practices for DFS.
  • DFS and Consumer Protection Policy Model Subgroup (jointly with CEMCWG):
    Policy model on DFS and Consumer protection.
  • Data Protection & Privacy Subgroup:
    White paper – Data Protection & Privacy in the Age of Data Driven Financial Services.
  • QR Code Standardization Subgroup:
    Guideline Note on QR code standardization including case studies to understand
    different models and issues related to QR codes payments and standardization.
  • Digital Financial Literacy and Capability subgroup (jointly with CEMCWG):
    Guideline Note on Digital Financial Literacy and Capability.
  • Regulatory Sandboxes Subgroup:
    Toolkit on Regulatory Sandboxes.
  • Regtech Technical Taskforce (DFSWG Focal Points):
    Special Report: Regtech for Financial Inclusion.
    • 2020

    • Lessons on Enhancing Women’s Financial Inclusion Using Digital Financial Services DFS).
    • Policy Framework for Leveraging Digital Financial Services to Respond to Global Emergencies – Case of COVID-19.


    • Cybersecurity for financial inclusion: framework & risk guide
    • Policy Model for E-Money
    • Policy framework for women’s financial inclusion using digital financial services
    • Guideline Note 33: Digital Financial Services Indicators
    • Guideline Note 32: KYC Innovations, Financial Inclusion and Integrity in selected AFI Member Countries


    • FinTech for Financial Inclusion: A Framework for Digital Financial Transformation
    • Guideline Note 30: Innovative CrossBorder Remittance Services: Experiences from AFI Member Countries
    • Financial Inclusion through Digital Financial Services and FinTech: The Case of Egypt
    • Systems to support Financial Inclusion Digitally Enabled Cross Border Remittances in Lesotho: Key Policy Consideration to Break Uptake Barriers


    • Guideline Note 29: National Retail Payment


    • Guideline Note 19: DFS Basic Terminology


    • Guideline Note 15: MFS Assessing Levels of Interoperability
    • Guideline Note 14: MFS Mobile-Enabled Cross-Border Payments
    • Guideline Note 13: MFS Consumer Protection in Mobile Financial Services
    • Guideline Note 12: MFS Supervision and Oversight of Mobile Financial Services


  • Guideline Note 11: MFS Indicators for Measuring Access and Usage
  • Guideline Note 03: MFS Regulatory Reporting
  • Guideline Note 02: MFS Technology Risks
  • Guideline Note 01: MFS Basic Terminology
  • Superintendencia de Banca y Seguros del Perú
    Draft regulation on “Information security and cybersecurity management”
  • Bank of Sierra Leone
    Tiered KYC Requirements
  • Central Bank of Sri Lanka
    Financial Technology Regulatory Sandbox
  • Central Bank of Egypt
    Regulatory Sandbox
  • Da Afghanistan Bank
    2016 Electronic Money Institution’s Regulation
  • Banco Central de Timor-Leste
    Regulation on Electronic Fund Transfers
  • Central Bank of Sudan
    Mobile Payment Rules
  • Direction Générale du Trésor, Ministère
    des Finances et du Budget (Madagascar) Law on E-Money and E-Money Issuers
  • Bank of Ghana
    Guidelines for E-Money issuers
  • Bank of Tanzania
    MFS regulations (2011), E-Money regulations (2015)
  • Central Bank of Yemen
    Regulations on mobile e-money services
  • Banque Centrale de la République de Guinèe (BCRG)
    Circular letter on MFS and Agent Banking
  • National Bank of Ethiopia
    MFS and agent banking service directives
  • Bank of Sierra Leone
    Guidelines on mobile money services
  • Central Bank of Liberia
    Guidelines on mobile money services
  • Bank of Papua New Guinea
    MFS regulations
  • Reserve Bank of Malawi
    Agent banking regulations
  • Royal Monetary Authority of Bhutan
    E-Money issuing regulations
  • Central Bank of Egypt
    Regulatory Sandbox approach
  • Central Bank of Sierra Leone
    Tiered KYC Framework
  • Banco Central de Reserva de El Salvador
  • Banco Central de São Tomé e Príncipe
  • Banco Central de Timor-Leste
  • Banco Central del Paraguay
  • Banco de la República de Colombia
  • Banco de Moçambique
  • Banco Nacional de Angola
  • Bangko Sentral ng Pilipinas
  • Bangladesh Bank
  • Bank Al-Maghrib
  • Bank Negara Malaysia
  • Bank of Ghana
  • Bank of Namibia
  • Bank of Papua New Guinea
  • Bank of Sierra Leone
  • Bank of Tanzania
  • Bank of Thailand
  • Bank of Uganda
  • Bank of Zambia
  • Banque Centrale de la Republique
    de Guinée
  • Banque Centrale de Madagascar
  • Banque Centrale de Mauritanie
  • Banque Centrale de Tunisie
  • Banque Centrale des Etats de l’Afrique
    de l’Ouest (BCEAO)
  • Banque Centrale du Congo
  • Banque de la République d’Haiti
  • Banque de la République du Burundi
  • Central Bank of Armenia
  • Central Bank of Egypt
  • Central Bank of Eswatini
  • Central Bank of Jordan
  • Central Bank of Lesotho
  • Central Bank of Liberia
  • Central Bank of Nigeria
  • Central Bank of Samoa
  • Central Bank of Seychelles
  • Central Bank of Solomon Islands
  • Central Bank of Sri Lanka
  • Central Bank of the Bahamas
  • Central Bank of The Gambia
  • Central Bank of the Republic of
  • Central Bank of the Russian Federation
  • Centrale Bank van Suriname
  • Comisión Nacional Bancaria y de Valores
    de México (CNBV)
  • Comisión Nacional de Bancos y Seguros
    de Honduras
  • Da Afghanistan Bank
  • Direction Générale du Trésor, Ministère
    de l’Economie et des Finances,
  • Financial Regulatory Commission of
  • Maldives Monetary Authority
  • Ministère de l’Économie et des Finances
    de la Côte d’Ivoire
  • Ministère de l’Economie, des Finances et
    du Budget du Sénégal
  • Ministère des Finances de la République
  • Ministry of Finance – Eswatini
  • Ministry of Finance Zambia
  • National Bank of Cambodia
  • National Bank of Rwanda
  • National Bank of Tajikistan
  • National Bank of the Republic of Belarus
  • National Reserve Bank of Tonga
  • Nepal Rastra Bank
  • Palestine Monetary Authority
  • Reserve Bank of Fiji
  • Reserve Bank of Malawi
  • Reserve Bank of Vanuatu
  • Reserve Bank of Zimbabwe
  • Royal Monetary Authority of Bhutan
  • Russian Microfinance Center
  • State Bank of Pakistan
  • Superintendencia de Banca, Seguros y
    AFP del PerúSuperintendencia de la
    Economía Popular y Solidaria de Ecuador
  • Superintendencia General de Entidades
    Financieras de Costa Rica (SUGEF)


Trends and recent research by the Bank of International Settlement indicates an acceleration in the exploration of central bank digital currencies (CBDC) globally. Within the AFI network, about 40 percent of members have conducted experiments with 10 percent at pilot stages. This reflects a significant interest in understanding, exploring, and taking forward CBDC related interventions by the AFI network, as seen with the recent launch of Sanddollar by the Central Bank of The Bahamas.
The objective of this technical webinar hosted by the DFSWG was to address these questions through a plenary session delivered by technical experts, regulators and industry stakeholders, including country sharing from the AFI network. The webinar deep-dived into identifying the motivating factors for this growing interest, and its implications to monetary policy, financial system integrity & stability, consumer protection, and especially linkages to financial inclusion is therefore imperative.

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The AFI network-wide webinar with BigTech leaders, ecosystem experts and financial regulators discusses the role of BigTechs and digital platforms in response to the global emergency, the linkages on deepening financial inclusion, as well as how these technology players align and support regulatory measure and policy interventions. Topics covered include: digital infrastructure resilience, provision of essential services such as groceries and deliveries, payments and financial services, cybersecurity and fraud, compliance and measures to check high risk, AML/CFT transactions, and other broader policy and regulatory concerns such as data protection, data privacy, competition, awareness/education and consumer protection.

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