Algeria OKs Djezzy as first PSP, opening path to mobile money

On September 23, 2026, Algeria's Monetary and Banking Council authorized Djezzy Payment Services, a subsidiary of Optimum Telecom Algeria, to be constituted as a Payment Service Provider (PSP), the first such authorization since the PSP category was created. Djezzy now has 12 months to submit a final approval request to the Bank of Algeria; only after that can it process any dinar for customers.

Algeria's largely cash‑based economy, with only about 35% adult bank account penetration and limited mobile money usage, stands to gain a new pathway for digital payments. Djezzy's 17 million subscribers could gain a phone‑based wallet linked to cash‑in/cash‑out agents, potentially reaching the 20.7 million unbanked adults. The move also creates a regulatory template for other telecoms and fintechs, signaling a shift that could inspire similar openings across North Africa and affect cross‑border remittance corridors relevant to Nigerians in the diaspora.

The PSP rules require a minimum capital of 160 million dinars (~$1.2 million), client funds backed by bank guarantees or insurance, and a mandate to locate platforms and data centers in Algeria. While the license is a first step, full operation depends on securing the final agrément within a year. For Nigerian fintechs, investors, or diaspora users, watch how quickly Djezzy moves to final approval and whether interoperability with the GIE Monétique and BaridiMob is achieved—this will indicate whether the Algerian market becomes a viable partner for regional payment solutions or remittance flows.

Observers note that the PSP framework prohibits interest‑bearing accounts and caps transaction limits, reflecting a cautious approach that balances innovation with consumer protection.

SOURCE: https://techcabal.com/2026/09/29/francophone-weekly-by-techcabal-042/