E-wallets allowed
to carry up to $50K

Upper limit for individuals set at $3,000

The Central Bank (BDL) has raised 15 times the ceiling of funds allowed to be held in an electronic wallet (e-wallet) operated by non-banking electronic cash transfer companies.

The e-wallets could be used for transactions in lira or in foreign currencies recognized at BDL’s clearing house. For e-wallet users, consisting of companies and self-employed professionals, the ceiling is set at $50,000 or LL4 billion (nearly $42,500 for an exchange rate of around LL94,000 to the dollar), according to a BDL circular.

For individual users, the upper limit has been increased to $3,000 or LL150 million from $1,000 or LL10 million.

The total sums received or sent each day by a user through an e-wallet must not exceed a maximum of LL15 million in lira or $300 in dollars or an equivalent amount in another foreign currency. The limits per month are set at LL150 million and $3,000. BDL may allow businesses to benefit from higher ceilings for received funds.

Users can deposit funds in their e-wallet in cash, through payment cards, bank accounts, or another e-wallet. They can also transfer funds from their e-wallets to their bank account.

The fee charged by the e-wallet service provider must not exceed 0.5 percent of the value of each transaction.

The new minimum capital of non-banking providers of e-wallet services has been set at LL50 billion. In case their capital is impacted by losses, the firms must recapitalize within six months or lose their license, BDL said in its circular.