Model Memorandum of Understanding Between the Central Bank and the Telecommunications Regulatory Authority

November 15, 2018
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A model memorandum of understanding (MOU) between the central bank and telecommunications regulatory authority of an individual jurisdiction. An excerpt appears below.


The Central Bank of X-country: The Central Bank of X-country (hereafter, CBX) - represented by the Governor, Dr. Jane Doe - whose role is to inter alia regulate, oversee, and monitor payment systems in (the X-country).


The National Telecommunications Authority: The National Telecommunications Authority of (the X-country) (hereafter, NTAX) represented by the Head of the Authority, Mr. John Doe whose role is to, inter alia, regulate telecommunications and information technology services in (the X-country).


The CBX is the primary regulator of Digital Financial Services (hereafter, DFS) in (the X-country). In this capacity, the CBX has issued regulations to regulate DFS inside (the X-country). Mobile network operators (hereafter MNOs) are key partners for the success of DFS, whether as providers and operators of the mobile phone network infrastructure and associated telecommunications services, or as providers of DFS through independent financial companies – known as DFS providers (DFSPs) - established for the purpose of providing DFS to end users. Since the CBX has general powers in relation to financial transactions, and the NTAX has general powers over the provision of mobile telecommunications services, a potential overlap between the functions of the CBX and NTAX (hereinafter, the ‘Authorities’) exists in relation to oversight and supervision over DFS. A partnership is thus required between the Authorities regarding cooperating for the oversight and supervision of DFSPs and MNOs, each according to their jurisdiction and under any statutory instruments that govern their work. The goals of such partnership is to facilitate successful, efficient, and effective service delivery with the objective of increasing financial inclusion and access to broader financial services in (the X-country).


The Authorities agree to organize and record the desire to cooperate within this Memorandum of Understanding (hereafter, MOU).

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