Central Bank proposes cap on mobile financial transactions

6 Jun 2014

The Central Reserve Bank (BCR) of El Salvador has submitted a draft law to the Finance Committee of the Legislative Assembly, proposing the introduction of a cap on financial transactions carried out using mobile devices. El Mundo reports that the draft bill seeks to establish a ceiling of USD242.4 (the minimum wage in El Salvador) for each transaction, while also proposing a monthly cap of USD969.6. At present, Tigo is the sole provider of mobile financial services in the country through its ‘Tigo Money’ offering, which was launched in September 2011.

El Salvador, Telemovil (Tigo),


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