title: KM-M Payments Regulation Monitor | World Payments Monitor canonical: https://payments.gi/jurisdictions/comoros-moheli-mwali/ date_modified: 2026-10-21 publisher: Asymmetric Intelligence # KM-M KM-M schema world-payments-v1 trajectory: not yet assessed Last updated 2026-10-21 · 14 modules · 59 sourced findings · 95 sources in the cumulative register 14 Modules baseline.modules[] 59 Findings modules[].findings[] 12 Tier-1 sources run_metadata.t1_source_count Confidence mix (sums to 14 rendered modules; click to filter) ## Jurisdiction brief _Standing brief, as of 8 September 2026._ #### Lead Signal The National Payment Switch, built by PayLogic under the World Bank-backed PADSF project, has gone live, connecting commercial banks, microfinance institutions and mobile money operators onto a single interoperable rail for the first time. This coincides with the Banque Centrale des Comores' formal commencement of Pan-African Payment and Settlement System integration, which is designed to let Comorian payments reach other African markets directly in Comorian francs. Together the two milestones mark 2025 as an infrastructure inflection point for a market that has historically been thin, cash-dominant and bank-mediated. Running alongside this genuine infrastructure build-out is the continued presence of the Mwali International Services Authority and the Anjouan Offshore Finance Authority, offshore paper-licensing operations that the Banque Centrale des Comores, the IMF, the World Bank and the FATF have all confirmed carry no legal standing and exist solely to sell paper licenses. Moheli itself has no distinct sub-national licensing regime; all banking, payment and e-money licensing on the island runs through the Union-level BCC, and MISA cannot issue warnings, impose penalties, suspend licences or initiate court proceedings. #### Other Developments The Banque Centrale des Comores has also exercised direct conduct oversight by publicly declaring that the 'Huri Money' e-money service launched by Comores Telecom is not approved by the Central Bank of Comoros. On digital money, the BCC operates no stablecoin or virtual-asset authorisation regime, and Union-recognised digital money remains limited to the BCC's e-money and electronic-money-institution framework; a separate MISA-hosted 'virtual currency' registration track carries no Union legal effect. Card-scheme infrastructure remains minimal nationwide, with only 37 ATMs, 28 POS devices and 34,000 cards in circulation and no cross-network interoperability, a footprint mediated almost entirely through bank membership of Visa. The consolidated banking-system balance sheet reached KMF 262.3 billion at end-December 2025, up from KMF 229.4 billion a year earlier, with gross customer loans up 8% year-on-year to KMF 145.8 billion and deposits up 13.5% to roughly KMF 221 billion. Merchant acquiring capacity is similarly thin and bank-concentrated, though the new switch is expected to materially improve merchant settlement speed. Underpinning much of this, Comoros formally adopted a National Financial Inclusion Strategy 2025-2030 on 8 October 2025, which underpins phased rollout of KomorPay, the Komor Switch interbank platform, a National Payment Hub and the Mali Ya Wakazi agent network. Consumer protection continues to run through the same channel, with the BCC's unauthorised-provider warnings serving as the primary safeguard in the absence of a codified fraud-reimbursement or ombudsman regime. Correspondent-banking and settlement access for the Union runs primarily through the Banque de France-linked monetary-cooperation architecture underpinning the Comorian franc's euro peg, now supplemented by the new PAPSS route. #### Cross-Monitor Connections Comoros' AML/CFT regime remains under enhanced follow-up after its May 2024 FATF/GIABA mutual evaluation found the Union largely compliant on only four Recommendations and non-compliant on twenty-nine, a gap that the World Payments Monitor routes to the Financial Integrity Monitor rather than analysing directly. The same disavowed MISA/AOFA offshore-licensing scheme is separately flagged to the Financial Integrity Monitor as a fraud and potential money-laundering vehicle risk that sits outside WPM's payments-market-access remit. #### Outlook Whether the PAPSS corridor translates into practical settlement access will depend on how quickly Comorian commercial banks actually onboard, since the BCC Governor's appeal for banks to join the rail was framed as a precondition for access rather than a completed step. The financial-inclusion strategy's remaining components, including KomorPay and the National Payment Hub, are still in phased rollout. Meanwhile the offshore-licensing shopfront has not been shut down despite years of disavowal, so both threads warrant continued monitoring into the next cycle. Enhanced follow-up under the FATF/GIABA process, including the absence of a designated mutual-legal-assistance authority and limited bilateral judicial-cooperation agreements, is likely to remain the primary lens through which cross-border AML/CFT cooperation gaps are tracked for Comoros in coming cycles. Several structural gaps persist in the underlying record for this jurisdiction: no dedicated interchange or surcharging regime, no incident-reporting framework for critical payments infrastructure, and no formal litigation register for payments activity have yet been identified, and each remains an open item for future research passes. That bank-versus-non-bank line, evident in the gap between the BCC's Union licence covering both banks and payment/e-money institutions and the Huri Money warning aimed specifically at a non-bank e-money offering, is likely to remain the organising distinction for future licensing and conduct findings in this jurisdiction. Taken together, the cycle establishes a first full baseline for Moheli and Comoros across all fourteen World Payments Monitor modules, against which subsequent cycles will be measured. The overriding judgment for this cycle is that centralisation and modernisation are advancing in tandem: a fully Union-centralised licensing regime is now paired with a fast-moving 2025 infrastructure build-out, even as a fraudulent offshore licensing shopfront continues to trade on the Moheli name. trust tier: ai_unverified _Standing brief, as of 8 September 2026._ #### Regulatory Status The Banque Centrale des Comores is the sole Union-level authority for banking, payment and e-money licensing across all three islands, and Moheli has no distinct sub-national regime; the 'Mwali International Services Authority' is repeatedly disavowed as having no legal standing. The National Payment Switch went live, connecting banks, microfinance institutions and mobile money operators onto a single interoperable rail. The BCC commenced PAPSS integration, enabling direct intra-African settlement in Comorian francs. A National Financial Inclusion Strategy 2025-2030 now underpins phased rollout of KomorPay, the Komor Switch, a National Payment Hub and the Mali Ya Wakazi agent network. Comoros' AML/CFT regime remains under FATF/GIABA enhanced follow-up after its 2024 mutual evaluation found substantial non-compliance across the FATF 40 Recommendations, a matter this brief flags to the Financial Integrity Monitor rather than analysing directly. Alongside this modernisation, the Mwali/Anjouan offshore-licensing shopfront (MISA/AOFA) persists as a confirmed fraud vehicle carrying zero legal standing, though no formal court litigation register specific to Comorian payments activity has been identified. The banking sector itself grew through 2025, with the consolidated balance sheet reaching KMF 262.3 billion and deposits up 13.5% to roughly KMF 221 billion. Correspondent and settlement access, meanwhile, continues to run through the Banque de France-linked monetary-cooperation architecture behind the franc's euro peg, now supplemented by the new PAPSS route. On the conduct side, the BCC has publicly declared the 'Huri Money' e-money service launched by Comores Telecom unapproved, exercising direct consumer-facing enforcement. Consumer protection more broadly is exercised through such unauthorised-provider warnings rather than a codified reimbursement or ombudsman regime. Card-scheme infrastructure remains thin, with only 37 ATMs, 28 POS devices and 34,000 cards in circulation nationwide, mediated through bank membership of Visa. No dedicated stablecoin or virtual-asset regime exists; Union-recognised digital money is limited to the BCC's e-money framework, and a MISA-hosted 'virtual currency' track carries no Union legal effect. Merchant acquiring capacity is similarly thin and bank-concentrated, though the new payment switch is expected to improve merchant settlement speed. #### Outlook For Moheli and Comoros as a whole, the coming cycles are likely to track three threads in parallel: bank onboarding to PAPSS and completion of the financial-inclusion product rollout, continued FATF/GIABA enhanced follow-up on AML/CFT effectiveness, and whether the disavowed MISA/AOFA offshore-licensing shopfront is ever subject to actual enforcement or litigation rather than repeated regulatory warnings. 14 of 14 modules Signal Density Selections OR within a group, AND across groups. Press / to search. ### W1a Licensing, Authorisation & Market Access moved 1 judgment Confirmed confirmed 2026-09-08 Mohéli (Mwali) has NO distinct sub-national licensing regime. All banking, payment and e-money licensing authority for the island is reserved exclusively to the Union-level Banque Centrale des Comores (BCC); a purported local licensor, the 'Mwali International Services Authority' (MISA), is repeatedly and directly disavowed by the BCC as having no legal standing. Movement — NEW Baseline established: BCC sole licensing authority confirmed; MISA disavowed._First WPM baseline run for KM-M._ Key judgment — Confirmed · impact HIGH Moheli/Comoros payments regulation is fully centralised at the Union-level BCC; no legitimate sub-national licensing pathway exists, and the persistent MISA/AOFA offshore licensing scheme represents an ongoing market-integrity and fraud risk rather than a genuine regulatory alternative._claims: wpm-2026-W1a-001, wpm-2026-W7-001_ Standing sub-brief · as of 8 September 2026 109 words · last cycle 2026-09-08 #### Licensing, Authorisation & Market Access The Banque Centrale des Comores is the sole Union-level licensing authority for banking, payment and e-money activity across all three islands, including Moheli, which has no distinct sub-national licensing regime of its own. That authority extends equally to bank and non-bank licensees, since the BCC licenses both credit institutions and payment/e-money institutions under the same Union framework, and it has repeatedly disavowed the 'Mwali International Services Authority' as having no legal standing whatsoever. #### Outlook With no legitimate sub-national pathway on offer, the persistence of MISA-branded paper licences is likely to remain the main source of friction against the BCC's otherwise settled Union-level licensing position. no periodic updates on record for this sub-brief ** Sources and findings (6)** 1. T1 [https://banque-comores.km/page/show/les-lois-et-decrets](https://banque-comores.km/page/show/les-lois-et-decrets) retrieved 2026-09-08 2. T1 [https://www.devex.com/organizations/central-bank-of-the-comoros-banque-centrale-des-comores-159426](https://www.devex.com/organizations/central-bank-of-the-comoros-banque-centrale-des-comores-159426) retrieved 2026-09-08 3. T3 [https://fintelegram.com/attention-be-aware-of-the-fake-regulator-mwali-international-services-authority-misa/](https://fintelegram.com/attention-be-aware-of-the-fake-regulator-mwali-international-services-authority-misa/) retrieved 2026-09-08 4. T3 [https://behindmlm.com/companies/gspartners/gsb-gold-standard-banks-mwali-banking-license-is-a-sham/](https://behindmlm.com/companies/gspartners/gsb-gold-standard-banks-mwali-banking-license-is-a-sham/) retrieved 2026-09-08 5. T4 [https://www.mwaliregistrar.com/misa](https://www.mwaliregistrar.com/misa) 6. T2 [https://en.wikipedia.org/wiki/List_of_banks_in_the_Comoros](https://en.wikipedia.org/wiki/List_of_banks_in_the_Comoros) retrieved 2026-09-08 ### W1b Conduct, Safeguarding & Promotions moved Confirmed confirmed 2026-09-08 Conduct and safeguarding for any Mohéli-domiciled payment activity fall under the same Union-wide BCC framework as the rest of Comoros (e-money market-discipline/regulatory-discipline pillars, the 2020 recovery-and-resolution law); the BCC has also actively exercised conduct enforcement by publicly disavowing an unauthorised e-money product and the MISA offshore registrar. Movement — NEW Baseline established: BCC conduct/safeguarding enforcement via Huri Money warning._First WPM baseline run for KM-M._ Standing sub-brief · as of 8 September 2026 103 words · last cycle 2026-09-08 #### Conduct, Safeguarding & Promotions The BCC's conduct arm has issued a live unauthorised-provider warning against 'Huri Money', the e-money product launched by Comores Telecom, publicly stating it is not approved by the Central Bank of Comoros. As a non-bank e-money offering rather than a bank-issued product, Huri Money sits squarely in the conduct-and-safeguarding track rather than the prudential-licensing track, and its authorisation status remains assessed pending confirmation of any subsequent approval. #### Outlook Whether a compliant successor product emerges from Comores Telecom, and whether the BCC issues a formal approval, are the two things worth watching next on the conduct side of this file. no periodic updates on record for this sub-brief ** Sources and findings (5)** 1. T1 [https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf](https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf) retrieved 2026-09-08 2. T1 [http://www.banque-comores.km/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=62&cntnt01origid=60&cntnt01returnid=114](http://www.banque-comores.km/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=62&cntnt01origid=60&cntnt01returnid=114) retrieved 2026-09-08 3. T1 [https://banque-comores.km/page/show/les-lois-et-decrets](https://banque-comores.km/page/show/les-lois-et-decrets) retrieved 2026-09-08 4. T3 [https://manimama.eu/legal-status-and-regulatory-validity-of-the-misa-brokerage-licence/](https://manimama.eu/legal-status-and-regulatory-validity-of-the-misa-brokerage-licence/) retrieved 2026-09-08 5. T4 [https://www.forexcashbackrebate.com/forex-regulator/mwali-international-services-authority](https://www.forexcashbackrebate.com/forex-regulator/mwali-international-services-authority) retrieved 2026-09-08 ### W2 Stablecoins & Digital Money moved 1 gap Probable confirmed 2026-09-08 The BCC operates no stablecoin/virtual-asset authorisation regime; Union-recognised 'digital money' is limited to the BCC's e-money/EMI framework. A separate, BCC-disavowed 'virtual currency' registration track exists only under the non-recognised MISA offshore register and carries no Union legal effect. Movement — NEW Baseline established: no dedicated stablecoin regime; EMI framework only._First WPM baseline run for KM-M._ Open gap — wpm-int-1 No dedicated stablecoin/virtual-asset statute identified for Comoros/Moheli beyond the disavowed MISA framework._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 67 words · last cycle 2026-09-08 #### Stablecoins & Digital Money The BCC operates no stablecoin or virtual-asset authorisation regime; Union-recognised digital money is limited to the BCC's e-money and e-money-institution framework, and a separate MISA-hosted 'virtual currency' registration track carries no Union legal effect. #### Outlook Absent a dedicated statute, any future stablecoin or virtual-asset activity touching Moheli would most plausibly be brought under the existing e-money authorisation track rather than a bespoke regime. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T1 [https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf](https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf) retrieved 2026-09-08 2. T4 [https://www.brokersview.com/regulator-dealer/misa](https://www.brokersview.com/regulator-dealer/misa) retrieved 2026-09-08 3. T1 [http://www.banque-comores.km/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=62&cntnt01origid=60&cntnt01returnid=114](http://www.banque-comores.km/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=62&cntnt01origid=60&cntnt01returnid=114) retrieved 2026-09-08 4. T4 [https://www.hurimoney.com/](https://www.hurimoney.com/) retrieved 2026-09-08 ### W3 Operational Resilience & Critical Infra moved 1 gap Probable confirmed 2026-09-08 Operational resilience oversight is nascent and centralised at the BCC via its payment-systems oversight function; the newly live National Payment Switch is the principal piece of critical payments infrastructure now subject to BCC oversight, but no dedicated incident-reporting or critical-third-party regulation was found. Movement — NEW Baseline established: National Payment Switch live under BCC oversight._First WPM baseline run for KM-M._ Kept on Dataprotection.gi, not restated here: data and cloud switching obligations on service providers, including notice periods and charges. [Open its jurisdiction pages on Dataprotection.gi →](https://dataprotection.gi/jurisdictions/) Open gap — wpm-int-2 No dedicated incident-reporting or critical-third-party regulation identified for operational resilience._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 76 words · last cycle 2026-09-08 #### Operational Resilience & Critical Infrastructure The National Payment Switch, built by PayLogic and funded under the World Bank's PADSF programme, is now live and connects commercial banks, microfinance institutions and mobile money operators onto a single rail that falls under BCC critical-infrastructure oversight. #### Outlook No dedicated incident-reporting or critical-third-party regime has yet been identified alongside the deployment, leaving resilience oversight of the new switch dependent on the BCC's general supervisory powers rather than a bespoke framework. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T1 [https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf](https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf) retrieved 2026-09-08 2. T1 [https://www.imf.org/external/pubs/ft/scr/2016/cr16394.pdf](https://www.imf.org/external/pubs/ft/scr/2016/cr16394.pdf) retrieved 2026-09-08 3. T3 [https://pay-logic.com/paylogic-announces-the-go-live-of-the-comoross-national-interoperable-payment-switch/](https://pay-logic.com/paylogic-announces-the-go-live-of-the-comoross-national-interoperable-payment-switch/) retrieved 2026-09-08 ### W4 Scheme & Network Compliance moved 1 gap Probable confirmed 2026-09-08 Card-scheme penetration on Mohéli/Comoros is minimal and largely bank-mediated (Visa-branded cards/ATMs via a handful of commercial banks); no dedicated interchange, surcharging or PCI-DSS enforcement instrument specific to Comoros was identified despite dedicated search of BCC and card-scheme sources. Movement — NEW Baseline established: thin bank-mediated Visa scheme footprint._First WPM baseline run for KM-M._ Open gap — wpm-int-3 No interchange or surcharging regulation specific to Comoros identified._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 70 words · last cycle 2026-09-08 #### Scheme & Network Compliance Card-scheme penetration is minimal nationwide: 37 ATMs, 28 POS devices and 34,000 cards in circulation, with no cross-network interoperability and Visa dominant, mediated entirely through bank membership rather than any non-bank scheme participation. #### Outlook No dedicated interchange, surcharging or PCI-DSS enforcement instrument specific to Comoros has been identified, so scheme compliance here remains a function of individual bank membership terms rather than a published national rulebook. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T1 [https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf](https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf) retrieved 2026-09-08 2. T2 [https://en.wikipedia.org/wiki/Exim_Bank_Comoros](https://en.wikipedia.org/wiki/Exim_Bank_Comoros) retrieved 2026-09-08 3. T4 [https://www.monde-du-voyage.com/en/comoros/banks/](https://www.monde-du-voyage.com/en/comoros/banks/) retrieved 2026-09-08 ### W5 Payment Corridor Dynamics moved Confirmed confirmed 2026-09-08 Comoros' dominant corridor dynamic is inbound remittances from the French diaspora and other markets via bank/MFI-mediated MTOs; the BCC has now formally begun integrating into the Pan-African Payment and Settlement System (PAPSS) to route intra-African corridor payments directly in Comorian francs. Movement — NEW Baseline established: PAPSS integration commenced; France remittance corridor dominant._First WPM baseline run for KM-M._ Standing sub-brief · as of 8 September 2026 94 words · last cycle 2026-09-08 #### Payment Corridor Dynamics The BCC and PAPSS announced the official commencement of PAPSS implementation activities in Comoros, a step designed to let Comorians pay other African markets directly in Comorian francs once commercial banks complete onboarding. The France-diaspora remittance corridor, mediated by banks, microfinance institutions and money-transfer operators, remains the dominant cross-border flow even as the PAPSS route opens a second, intra-African channel. #### Outlook The corridor's practical value hinges on bank onboarding rather than the announcement itself, so the pace at which Comorian commercial banks actually connect to PAPSS is the metric to watch. no periodic updates on record for this sub-brief ** Sources and findings (5)** 1. T1 [https://www.afreximbank.com/central-bank-of-comoros-commencement-of-activities-for-the-implementation-of-papss-in-comoros/](https://www.afreximbank.com/central-bank-of-comoros-commencement-of-activities-for-the-implementation-of-papss-in-comoros/) retrieved 2026-09-08 2. T1 [https://www.imf.org/external/pubs/ft/scr/2016/cr16394.pdf](https://www.imf.org/external/pubs/ft/scr/2016/cr16394.pdf) retrieved 2026-09-08 3. T1 [https://remittanceprices.worldbank.org/corridor/France/Comoros](https://remittanceprices.worldbank.org/corridor/France/Comoros) retrieved 2026-09-08 4. T1 [https://documents1.worldbank.org/curated/en/957391468772177750/pdf/312750PAPER0Comoros0AFR0wp75.pdf](https://documents1.worldbank.org/curated/en/957391468772177750/pdf/312750PAPER0Comoros0AFR0wp75.pdf) retrieved 2026-09-08 5. T2 [https://en.wikipedia.org/wiki/Central_Bank_of_the_Comoros](https://en.wikipedia.org/wiki/Central_Bank_of_the_Comoros) retrieved 2026-09-08 ### W6 Industry Structure & Commercial moved Probable confirmed 2026-09-08 The Comorian PSP market is small, concentrated and bank-led: a handful of commercial banks (state-controlled BDC, AFG Bank/Atlantic Financial Group, Exim Bank/Tanzania Group, BFC), cooperative savings networks (MECK, SANDUK — with a dedicated Mohéli SANDUK union), the state postal financial arm SNPSF, and a single dominant mobile-money operator (MVola/Axian). Movement — NEW Baseline established: small bank-led market structure with 2025 balance-sheet growth._First WPM baseline run for KM-M._ Standing sub-brief · as of 8 September 2026 111 words · last cycle 2026-09-08 #### Industry Structure & Commercial Dynamics The consolidated banking-system balance sheet reached KMF 262.3 billion at end-December 2025, up from KMF 229.4 billion a year earlier, with gross customer loans up 8% year-on-year to KMF 145.8 billion and deposits up 13.5% to roughly KMF 221 billion. The market remains small, concentrated and bank-led, spanning state-controlled BDC, AFG Bank, Exim Bank, BFC, the MECK/SANDUK cooperative savings networks, the state postal financial arm SNPSF, and the MVola mobile-money operator under Axian. #### Outlook Continued double-digit deposit growth alongside more moderate loan growth suggests a market building liquidity ahead of the new switch and PAPSS rails, rather than one yet expanding credit at the same pace. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://en.wikipedia.org/wiki/List_of_banks_in_the_Comoros](https://en.wikipedia.org/wiki/List_of_banks_in_the_Comoros) retrieved 2026-09-08 2. T3 [https://www.axian-telecom.com/telecom-operations/financial-services/](https://www.axian-telecom.com/telecom-operations/financial-services/) retrieved 2026-09-08 3. T2 [https://world-today-journal.com/comoros-banking-sector-2025-growth-digital-transformation-and-financial-inclusion/](https://world-today-journal.com/comoros-banking-sector-2025-growth-digital-transformation-and-financial-inclusion/) retrieved 2026-09-08 4. T2 [https://www.mfw4a.org/country/comoros](https://www.mfw4a.org/country/comoros) retrieved 2026-09-08 ### W7 Legal & Litigation moved 1 gap Probable confirmed 2026-09-08 No formal court litigation register specific to Comorian/Mohélian payments activity was located despite dedicated search (BCC public notices + trade/investigative press on MISA and AOFA); the dominant 'legal' activity in this space is a sustained BCC regulatory-disavowal campaign against fabricated Mwali/Anjouan offshore licensors, not adjudicated court proceedings. Movement — NEW Baseline established: BCC regulatory-disavowal campaign against MISA/AOFA._First WPM baseline run for KM-M._ Open gap — wpm-int-4 No formal court litigation register for Comorian/Moheli payments activity identified._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 72 words · last cycle 2026-09-08 #### Legal & Litigation BCC, IMF, World Bank and FATF have confirmed that AOFA and MISA carry zero legal standing and exist solely to sell paper licences, with no formal court litigation register for Comorian payments activity identified to date. #### Outlook The dominant activity in this file remains a regulatory disavowal campaign rather than adjudicated litigation, and that is unlikely to change until a Comorian court proceeding against the scheme is actually filed. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T3 [https://www.financemagnates.com/forex/is-the-end-of-the-comoros-license-mirage-coming/](https://www.financemagnates.com/forex/is-the-end-of-the-comoros-license-mirage-coming/) retrieved 2026-09-08 2. T3 [https://manimama.eu/legal-status-and-regulatory-validity-of-the-misa-brokerage-licence/](https://manimama.eu/legal-status-and-regulatory-validity-of-the-misa-brokerage-licence/) retrieved 2026-09-08 3. T3 [https://behindmlm.com/companies/gspartners/gsb-gold-standard-banks-mwali-banking-license-is-a-sham/](https://behindmlm.com/companies/gspartners/gsb-gold-standard-banks-mwali-banking-license-is-a-sham/) retrieved 2026-09-08 ### W8 Merchant Acquiring & Risk moved 1 gap Probable confirmed 2026-09-08 Merchant acquiring capacity is minimal and concentrated in a small number of commercial banks; the new National Payment Switch is expected to materially improve merchant settlement speed, but no dedicated high-risk-MCC or chargeback/dispute regulatory framework specific to Comoros was found despite dedicated search. Movement — NEW Baseline established: minimal merchant acquiring capacity; new switch expected to improve settlement._First WPM baseline run for KM-M._ Open gap — wpm-int-5 No chargeback/dispute or high-risk-MCC framework specific to Comoros identified._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 58 words · last cycle 2026-09-08 #### Merchant Acquiring & Risk Merchant acquiring capacity is minimal and heavily bank-concentrated, but the new National Payment Switch is expected to materially improve merchant settlement speed once fully integrated. #### Outlook No dedicated chargeback, dispute or high-risk-MCC framework specific to Comoros has been identified, so merchant-risk management here still runs on individual bank policy rather than a national rulebook. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T1 [https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf](https://documents1.worldbank.org/curated/en/812791592801563444/pdf/Comoros-Payments-and-Settlement-Systems-Oversight-Policy-Framework.pdf) retrieved 2026-09-08 2. T2 [https://en.wikipedia.org/wiki/Exim_Bank_Comoros](https://en.wikipedia.org/wiki/Exim_Bank_Comoros) retrieved 2026-09-08 3. T3 [https://pay-logic.com/paylogic-awarded-project-for-interoperable-digital-payment-switch-in-the-union-of-comoros/](https://pay-logic.com/paylogic-awarded-project-for-interoperable-digital-payment-switch-in-the-union-of-comoros/) retrieved 2026-09-08 ### W9 Product Innovation & Market Development moved 1 judgment Probable confirmed 2026-09-08 2025 has been an inflection year for Comorian payments product development: a new National Payment Switch (PayLogic-built), a national interbank platform (Komor Switch), automated cheque/transfer clearing (KomorPay), a National Payment Hub and agent network (Mali Ya Wakazi) have all launched under a newly adopted National Financial Inclusion Strategy 2025-2030. Movement — NEW Baseline established: 2025-2030 Financial Inclusion Strategy and product rollout._First WPM baseline run for KM-M._ Key judgment — Probable · impact HIGH 2025 marks an inflection point in Comorian payments infrastructure, with the National Payment Switch go-live, PAPSS integration commencement, and adoption of the 2025-2030 Financial Inclusion Strategy collectively modernising a previously thin, cash-dominant, bank-mediated market._claims: wpm-2026-W3-001, wpm-2026-W5-001, wpm-2026-W9-001_ Standing sub-brief · as of 8 September 2026 111 words · last cycle 2026-09-08 #### Product Innovation & Market Development Comoros formally adopted a National Financial Inclusion Strategy 2025-2030 on 8 October 2025, which underpins phased rollout of KomorPay, the Komor Switch interbank platform, a National Payment Hub and the Mali Ya Wakazi agent network. Read together with the switch go-live and the PAPSS commencement, the strategy positions 2025 as the year Comorian payments infrastructure moved from a largely cash-based, bank-mediated system toward a more interoperable, digitally rooted one. #### Outlook KomorPay, the Komor Switch and the Mali Ya Wakazi agent network are still in phased rollout, so the strategy's ultimate reach into rural and outer-island communities, including Moheli, remains the item to track across coming cycles. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://world-today-journal.com/comoros-banking-sector-2025-growth-digital-transformation-and-financial-inclusion/](https://world-today-journal.com/comoros-banking-sector-2025-growth-digital-transformation-and-financial-inclusion/) retrieved 2026-09-08 2. T3 [https://www.wsav.com/business/press-releases/ein-presswire/842588827/paylogic-announces-the-go-live-of-the-comoross-national-interoperable-payment-switch/](https://www.wsav.com/business/press-releases/ein-presswire/842588827/paylogic-announces-the-go-live-of-the-comoross-national-interoperable-payment-switch/) retrieved 2026-09-08 3. T1 [https://policycommons.net/artifacts/1258978/comoros/1828589/](https://policycommons.net/artifacts/1258978/comoros/1828589/) retrieved 2026-09-08 4. T3 [https://www.transfi.com/blog/popular-local-payment-methods-and-solutions-in-comoros](https://www.transfi.com/blog/popular-local-payment-methods-and-solutions-in-comoros) retrieved 2026-09-08 ### W10 Consumer Protection & APP Fraud moved Probable confirmed 2026-09-08 Consumer protection is exercised principally through BCC unauthorised-provider warnings (Huri Money, MISA) rather than a codified APP-fraud reimbursement or ombudsman regime; remittance-cost transparency is tracked externally via the World Bank's Remittance Prices Worldwide corridor data. Movement — NEW Baseline established: consumer protection via BCC warnings._First WPM baseline run for KM-M._ Standing sub-brief · as of 8 September 2026 86 words · last cycle 2026-09-08 #### Consumer Protection & APP Fraud Consumer protection is exercised principally through BCC unauthorised-provider warnings, such as the Huri Money and MISA notices, rather than a codified APP-fraud reimbursement or ombudsman regime. Remittance-cost transparency for the France-Comoros corridor is tracked externally via the World Bank's Remittance Prices Worldwide tool rather than a domestic disclosure regime. #### Outlook Absent a codified reimbursement regime, the disavowal notices remain the main lever available to the BCC, so any future codification of APP-fraud protections would mark a material shift for this file. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T1 [http://www.banque-comores.km/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=62&cntnt01origid=60&cntnt01returnid=114](http://www.banque-comores.km/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=62&cntnt01origid=60&cntnt01returnid=114) retrieved 2026-09-08 2. T3 [https://fintelegram.com/attention-be-aware-of-the-fake-regulator-mwali-international-services-authority-misa/](https://fintelegram.com/attention-be-aware-of-the-fake-regulator-mwali-international-services-authority-misa/) retrieved 2026-09-08 3. T1 [https://remittanceprices.worldbank.org/corridor/France/Comoros](https://remittanceprices.worldbank.org/corridor/France/Comoros) retrieved 2026-09-08 4. T3 [https://www.earnforex.com/guides/misa-mwali-international-services-authority/](https://www.earnforex.com/guides/misa-mwali-international-services-authority/) retrieved 2026-09-08 ### W11 AML/CFT & Financial Crime (Sentinel.gi-fed) moved 1 judgment 1 gap [Sourced from Sentinel.gi ↗](https://sentinel.gi/) Probable confirmed 2026-09-08 The dedicated Sentinel.gi payments-context feed was not directly retrievable in this research pass; the publicly available FATF/GIABA record is carried here as external context only (not original FIM-style analysis): Comoros' 2024 mutual evaluation found substantial non-compliance and placed the Union under enhanced follow-up. Movement — NEW Baseline established: 2024 FATF/GIABA mutual evaluation, enhanced follow-up._First WPM baseline run for KM-M._ Key judgment — Probable · impact ELEVATED Comoros' AML/CFT regime carries substantial technical and effectiveness gaps per the 2024 FATF/GIABA mutual evaluation, warranting continued enhanced-follow-up monitoring and FIM coordination._claims: wpm-2026-W11-001_ Open gap — wpm-int-6 Direct Sentinel.gi payments-context feed was not retrievable this pass; W11 content is carried from the public FATF/GIABA record only, not original FIM analysis._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 118 words · last cycle 2026-09-08 #### AML/CFT & Financial Crime This item is sourced from the Sentinel.gi feed: Comoros' May 2024 FATF/GIABA mutual evaluation, conducted 12-26 July 2023, found the Union largely compliant on four Recommendations, partially compliant on sixteen and non-compliant on twenty-nine, and placed it under enhanced follow-up. The evaluation also flagged the Union's failure to designate a competent mutual-legal-assistance authority and its limited bilateral judicial-cooperation agreements as cross-border cooperation gaps; this analysis is carried from the public FATF/GIABA record as external context, not original WPM analysis, and readers seeking illicit-finance detail should consult the Sentinel.gi feed directly. #### Outlook Comoros remains under enhanced follow-up, so the next milestone to watch is progress reporting back to FATF/GIABA rather than a fresh mutual-evaluation cycle. no periodic updates on record for this sub-brief ** Sources and findings (8)** 1. T4 [https://gofaizen-sherle.com/forex-license/moheli-mwali](https://gofaizen-sherle.com/forex-license/moheli-mwali) retrieved 2026-09-08 2. T? FIM (sentinel.gi) per-JID baseline profile — Comoros — Mohéli (Mwali) — Mohéli has no distinct island-level AML/CFT legal framework; it is governed entirely by Union of the Comoros law (Law 12-008/AU, Act 21-004/AU of 29 June 2021) and supervised by the national Central Bank (BCC) and Financial Intelligence Service (SRF, Decree 20-145/2020). GIABA's May 2024 MER rated the Union Non-Compliant/Partially Compliant on most of the 40+9 Recommendations, placing it under enhanced follow-up. 3. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004) — Gap: absent-field-provenance 4. T1 FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004) — Enforcement: GIABA — Union of the Comoros AML/CFT regime 5. T1 FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002) — Sanctions: OFAC listing 6. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003) — Gap: enforcement-absence 7. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002) — Gap: legal-gap 8. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001) — Gap: capacity-deficit ### W12 Correspondent Banking, Settlement & Access moved 1 gap Probable confirmed 2026-09-08 Correspondent-banking and settlement access for the Union (and by extension Mohéli) runs primarily through the Banque de France-linked monetary-cooperation architecture underpinning the KMF-EUR peg, supplemented by the newly launched BCC-PAPSS integration for pan-African settlement; no specific correspondent de-risking incident was identified despite dedicated search. Movement — NEW Baseline established: Banque de France-linked correspondent architecture plus PAPSS access._First WPM baseline run for KM-M._ Open gap — wpm-int-7 No specific correspondent de-risking incident identified for Comorian institutions._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 114 words · last cycle 2026-09-08 #### Correspondent Banking, Settlement & Access Correspondent-banking and settlement access for the Union runs through bank-only channels: the Banque de France-linked monetary-cooperation architecture underpinning the Comorian franc's euro peg is a bank-to-central-bank arrangement, now supplemented by the newly launched BCC-PAPSS integration, itself accessed via commercial-bank membership rather than any direct non-bank route. No specific correspondent de-risking incident affecting a Comorian institution has been identified, which is itself notable given how exposed thin, bank-concentrated systems of this kind typically are to correspondent-relationship withdrawal elsewhere in the region. #### Outlook As PAPSS onboarding progresses, correspondent access is likely to become somewhat more diversified for participating banks, though the underlying bank-only structure of settlement access is unlikely to change. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T1 [https://www.devex.com/organizations/central-bank-of-the-comoros-banque-centrale-des-comores-159426](https://www.devex.com/organizations/central-bank-of-the-comoros-banque-centrale-des-comores-159426) retrieved 2026-09-08 2. T1 [https://www.afreximbank.com/central-bank-of-comoros-commencement-of-activities-for-the-implementation-of-papss-in-comoros/](https://www.afreximbank.com/central-bank-of-comoros-commencement-of-activities-for-the-implementation-of-papss-in-comoros/) retrieved 2026-09-08 3. T1 [https://documents1.worldbank.org/curated/en/957391468772177750/pdf/312750PAPER0Comoros0AFR0wp75.pdf](https://documents1.worldbank.org/curated/en/957391468772177750/pdf/312750PAPER0Comoros0AFR0wp75.pdf) retrieved 2026-09-08 4. T2 [https://en.wikipedia.org/wiki/Exim_Bank_Comoros](https://en.wikipedia.org/wiki/Exim_Bank_Comoros) retrieved 2026-09-08 ### W13 Commercial Intelligence (M&A, Investment & Product) moved 1 gap Probable confirmed 2026-09-08 The trailing-12-month commercial intelligence signal for Comoros/Mohéli is dominated by public-sector-adjacent payments-infrastructure procurement (PayLogic/World Bank PADSF) rather than private M&A or disclosed funding rounds; no private fintech M&A or funding event specific to Comoros was found despite dedicated search. Movement — NEW Baseline established: public-sector-adjacent PayLogic/World Bank PADSF commercial events._First WPM baseline run for KM-M._ Open gap — wpm-int-8 No private fintech M&A or disclosed funding round specific to Comoros identified despite dedicated search._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 99 words · last cycle 2026-09-08 #### Commercial Intelligence PayLogic announced the completed go-live of the National Payment Switch for the Union of Comoros, delivered under the World Bank-backed PADSF project and involving the Banque Centrale des Comores; deal value was not publicly disclosed. Event date: 25 August 2025; category: payments infrastructure/API; launch jurisdictions: Comoros and Moheli; status: completed; no private fintech M&A or funding round specific to Comoros was found despite dedicated search. #### Outlook Commercial signal for this jurisdiction remains dominated by public-sector-adjacent infrastructure procurement rather than private dealmaking, so a genuine M&A or funding event would mark a change in kind, not just degree. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T3 [https://www.cbs42.com/business/press-releases/ein-presswire/786074855/paylogic-awarded-project-for-the-national-interoperable-digital-payment-switch-in-the-union-of-comoros/](https://www.cbs42.com/business/press-releases/ein-presswire/786074855/paylogic-awarded-project-for-the-national-interoperable-digital-payment-switch-in-the-union-of-comoros/) retrieved 2026-09-08 2. T3 [https://www.wsav.com/business/press-releases/ein-presswire/842588827/paylogic-announces-the-go-live-of-the-comoross-national-interoperable-payment-switch/](https://www.wsav.com/business/press-releases/ein-presswire/842588827/paylogic-announces-the-go-live-of-the-comoross-national-interoperable-payment-switch/) retrieved 2026-09-08 3. T2 [https://world-today-journal.com/comoros-banking-sector-2025-growth-digital-transformation-and-financial-inclusion/](https://world-today-journal.com/comoros-banking-sector-2025-growth-digital-transformation-and-financial-inclusion/) retrieved 2026-09-08 ** No modules match.** Filters combine as OR inside a group and AND across groups. ## Editorial metadata Provenance only. Nothing below gates publication or affects the render. Editorial metadata for KM-M| Field | Value | |---|---| | `trust.lawyer_review.status` | never_reviewed | | `trust.lawyer_review.reviewer` | no reviewer on record | | ` trust.content_source` | ai_generated | ## Provenance and declared absence **Disclosure model:** module cards load OPEN; standing positions render in full; sub-briefs and jurisdiction briefs load as a clamped teaser with an explicit “read full” control carrying the true word count; earlier updates stay collapsed behind a counted summary. No text is hidden without disclosing how much of it there is. **Sentinel-fed modules** receive no special rendering treatment. `sentinel_feed` is an attribution chip only: it does not suppress content, does not generate an absence reason code, and does not exclude the module from any count, filter, search index or export on this page. **Family taxonomy** is renderer-level presentation config, not a JID field. Colour is always duplicated in text and is never the sole carrier of meaning. **Suppressed by doctrine:** derived risk score; per-module RAG traffic light; `derived_scores` = `{"legal_accessibility": {"per_product": {"account_to_account": "regulated", "cards": "regulated", "prepaid_emoney": "licensed-emi"}}}`. **Band honesty:** uncertainty bands are computed against a frozen build clock of 2026-10-21. A year-precision row is never promoted into a tighter band. **Orphan deltas:** 1 cycle_delta row(s) target non-module objects and are listed in the rail rather than attached to a card. **Envelope:** baseline resolved at `jurisdiction_json.baseline`; 14 module(s), 59 finding(s), 95 source(s) in the cumulative register. Think something on this page is wrong? [Report an error](https://payments.gi/legal/#contact).