title: KM Payments Regulation Monitor | World Payments Monitor canonical: https://payments.gi/jurisdictions/comoros/ date_modified: 2026-10-21 publisher: Asymmetric Intelligence # KM KM schema world-payments-v1 trajectory: not yet assessed Last updated 2026-10-21 · 14 modules · 56 sourced findings · 113 sources in the cumulative register 14 Modules baseline.modules[] 56 Findings modules[].findings[] 34 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 Comoros' central bank has authorised a new category of fully-digital, centrally-supervised financial institution for the first time, extending regulatory recognition beyond incumbent mobile-money operators. Axian Group obtained a Banque Centrale des Comores-issued IFDD licence on 24 February 2026, enabling a wholly digital financial entity offering nano and micro loans by mobile phone, alongside Axian's existing MVola mobile-money platform. The licence signals BCC willingness to license fully-digital non-bank entrants, a template other pan-African groups may seek to replicate. #### Other Developments Comoros' payments infrastructure took its most significant structural step in years when a National Interoperable Payment Switch went live on 25 August 2025, connecting banks, microfinance institutions and mobile-money operators under the World Bank-backed PADSF programme. The country's card and point-of-sale footprint remains thin: only 37 ATMs and 28 point-of-sale devices nationally, with roughly 34,000 cards in circulation. Manual cheque-clearing through the SYCOCO system, processing around 5,000 cheques a month worth KMF 19.7 billion, remains the sole formal interbank clearing mechanism pending a planned ATS+ system with no confirmed go-live date. The BCC and the Central Bank of Tunisia signed an institutional cooperation agreement in April 2026 covering payment-system modernisation and cybersecurity strengthening. Comoros adopted its first-ever National Financial Inclusion Strategy for 2025-2030 on 8 October 2025, chaired by the BCC through a newly created National Financial Inclusion Council. Remittance inflows exceed 20% of GDP, and Western Union and MoneyGram internet-channel transfers on the France-Comoros corridor cost approximately 3.5% to 9% in total, with payout still predominantly made in cash. Comoros participates in the SADC-RTGS regional multicurrency settlement system alongside fifteen other member states, though its participation status in the Pan-African Payment and Settlement System remains unconfirmed. The Comorian state holds a significant capital stake in two private banks, an involvement in the sector that extends beyond pure regulatory oversight. The dispute over island-level 'offshore' licensing bodies remains unresolved: the Anjouan Offshore Finance Authority and the Mwali International Services Authority carry zero legal recognition under Union law, a position the BCC has reinforced through public communiqués warning that no island entity is authorised to issue banking or financial licences. #### Cross-Monitor Connections Comoros underwent a Mutual Evaluation published in May 2024 and endorsed by FATF, confirming the jurisdiction is not currently on the FATF black or grey list. That evaluation also found that the BCC lacks adequate resources to effectively monitor AML/CFT obligations across supervised institutions, and that AML/CFT supervisory authorities for designated non-financial businesses and professions remain undesignated under the AML/CFT Law. This supervisory gap has been flagged for deeper illicit-finance risk assessment; the underlying use of any payment instrument for illicit purposes is a matter for that separate review, not a conclusion drawn here. Cross-border settlement access for locally licensed banks runs via SADC-RTGS and correspondent relationships, including Exim Bank Comoros, a subsidiary of Exim Bank Tanzania. #### Outlook Several threads from this cycle warrant continued tracking. Whether the BCC sets a confirmed go-live date for the ATS+ system meant to absorb SYCOCO's manual clearing function is one open question. Whether other pan-African fintech or telecom groups seek to replicate Axian's IFDD licensing precedent is another. Whether BCC's public-communiqué warnings against AOFA and MISA escalate into formal enforcement or prosecution bears watching, as does confirmation of Comoros' participation in the Pan-African Payment and Settlement System. The African Development Bank and Axian Group launched a digital finance programme on 2 September 2026 leveraging Mixx and MVola to support 34,000 women-led businesses across five countries including Comoros, building on AfDB's earlier financing to Axian Telecom. trust tier: ai_unverified _Standing brief, as of 8 September 2026._ #### Regulatory Status Comoros' payments regulation is a Union-exclusive competence held by the Banque Centrale des Comores, which holds sole authority to authorise banks and financial institutions under Legislation No. 80-7 (1980); island-level bodies such as the Anjouan Offshore Finance Authority and the Mwali International Services Authority carry zero legal recognition under Union law. This cycle's dominant development is regulatory and infrastructural rather than purely conduct-related: a National Interoperable Payment Switch went live on 25 August 2025 under the World Bank-backed PADSF programme, and the BCC issued Axian Group a new 'IFDD' licence in February 2026, extending digital non-bank authorisation beyond mobile-money incumbents. Comoros adopted its first-ever National Financial Inclusion Strategy for 2025-2030 in October 2025. Remittances exceeding 20% of GDP continue to move through costly France-Comoros channels, and a Mutual Evaluation published in May 2024 confirms Comoros is not currently on the FATF grey or black list, though BCC supervisory-resource constraints and undesignated DNFBP AML/CFT authorities remain flagged risks routed to the illicit-finance monitor. #### Outlook The confirmed go-live date for the ATS+ system, further replication of the IFDD licensing template, any escalation against AOFA/MISA, and confirmation of PAPSS participation are the principal items to track in Comoros through the next cycle. 14 of 14 modules Signal Density Selections OR within a group, AND across groups. Press / to search. ### W1a Licensing, Authorisation & Market Access moved 2 judgment Probable confirmed 2026-09-08 Banking and payments licensing in Comoros is a Union-exclusive competence held solely by the BCC under Legislation No. 80-7 (1980) and Organic Law 05-003/AU. Non-bank e-money issuance is governed by Regulation 01/2017 (three EMIs licensed); a new 'IFDD' authorisation route has been used by Axian (2026). Island-level 'authorities' (AOFA, MISA) issuing offshore licences have zero legal standing. Movement — NEW Baseline established._Licensing/market-access baseline populated: BCC exclusive authority, Reg 01/2017, Axian IFDD, AOFA/MISA mirage._ Key judgment — Probable · impact ELEVATED Comoros payments regulation is a Union-exclusive competence; island-level offshore licensing bodies (AOFA, MISA) have no legal standing, creating material investor-protection and reputational risk for counterparties dealing with island-issued paper licences._claims: wpm-2026-W1a-004_ Key judgment — Probable · impact ELEVATED Axian's February 2026 IFDD licence establishes a new fully-digital financial institution category under BCC supervision, extending mobile nano/micro-lending and signalling regulatory openness to non-traditional digital finance entrants._claims: wpm-2026-W1a-003, wpm-2026-W13-001_ Standing sub-brief · as of 8 September 2026 210 words · last cycle 2026-09-08 #### Licensing, Authorisation & Market Access Banking and payments licensing in Comoros is a Union-exclusive competence: the Banque Centrale des Comores holds sole authority to authorise banks and financial institutions under Article 7 of Legislation No. 80-7 (1980). Non-bank e-money issuance runs through a separate, dedicated route: three non-bank Electronic Money Institutions are currently licensed under Regulation 01/2017, distinct from bank-issued payment products. In February 2026 the BCC extended this non-bank track further, issuing Axian Group a new 'IFDD' (decentralised digital financial institution) licence enabling a fully digital, centrally-supervised entity that offers nano and micro loans by mobile phone, alongside Axian's existing MVola mobile-money platform. Set against this Union-level licensing regime, island-level bodies calling themselves the Anjouan Offshore Finance Authority and the Mwali International Services Authority carry zero legal recognition: Organic Law 05-003/AU and Article 9 of the Constitution reserve licensing to the Union, and BCC, IMF, World Bank and FATF sources confirm the island bodies have no standing to authorise banks or financial institutions. #### Outlook The Axian IFDD licence is a template other pan-African fintech and telecom groups may seek to replicate, extending BCC's willingness to license fully-digital non-bank entrants beyond incumbent mobile-money operators. Whether the AOFA/MISA dispute moves from public repudiation toward formal enforcement remains an open watch item. no periodic updates on record for this sub-brief ** Sources and findings (6)** 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://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 3. T1 [https://2009-2017.state.gov/documents/organization/82217.pdf](https://2009-2017.state.gov/documents/organization/82217.pdf) retrieved 2026-09-08 4. T2 [https://www.ecofinagency.com/news-digital/2702-53320-pan-african-group-axian-to-launch-100-digital-financial-entity-in-comoros](https://www.ecofinagency.com/news-digital/2702-53320-pan-african-group-axian-to-launch-100-digital-financial-entity-in-comoros) retrieved 2026-09-08 5. T2 [https://legasset.com/anjouan-forex-licence-explained/](https://legasset.com/anjouan-forex-licence-explained/) retrieved 2026-09-08 6. T2 [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 ### W1b Conduct, Safeguarding & Promotions moved 1 gap Probable confirmed 2026-09-08 Comoros has no distinct codified conduct-of-business or safeguarding rulebook comparable to CASS/PSRs; the primary conduct mechanism observed is BCC's direct public-communiqué enforcement against fraudulent/unlicensed promotional activity (AOFA/MISA) rather than a formal promotions regime. E-money issuer safeguarding presumably derives from Regulation 01/2017's authorisation conditions, but the specific segregation/trust mechanics of that regulation could not be independently verified from public sources in this run. Movement — NEW Baseline established._Conduct/safeguarding baseline populated: BCC communiqué enforcement mechanism._ Open gap — wpm-int-2 The specific segregation/trust safeguarding mechanics of Regulation 01/2017 for e-money issuer customer funds could not be independently verified from public sources._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 112 words · last cycle 2026-09-08 #### Conduct, Safeguarding & Promotions Comoros has no codified conduct or promotions rulebook comparable to a CASS-style safeguarding regime. The observed enforcement mechanism is direct: the Banque Centrale des Comores publishes public communiqués, most recently in 2022-2023, warning that no island entity is authorised to issue banking or financial licences. This positions BCC's public messaging, rather than a formal codified rulebook, as the operative conduct-and-promotions control for the non-bank e-money sector. #### Outlook Whether the BCC moves from communiqué-based warnings toward a codified safeguarding rulebook for e-money customer funds remains unconfirmed; the segregation and trust mechanics of Regulation 01/2017 for e-money issuer customer funds could not be independently verified from public sources this cycle. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T2 [https://legasset.com/anjouan-forex-licence-explained/](https://legasset.com/anjouan-forex-licence-explained/) retrieved 2026-09-08 2. T2 [https://www.tradingview.com/news/financemagnates:fc99a9ff1094b:0-is-the-end-of-the-comoros-license-mirage-coming/](https://www.tradingview.com/news/financemagnates:fc99a9ff1094b:0-is-the-end-of-the-comoros-license-mirage-coming/) retrieved 2026-09-08 3. T2 [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 ### W2 Stablecoins & Digital Money moved Uncertain confirmed 2026-09-08 Comoros has no standalone crypto/stablecoin licensing framework. Virtual asset activity involving client funds, settlement, or custody is captured only via the general financial-institution authorisation mechanism ('agrément') under BCC supervision; the BCC had not issued dedicated crypto guidance as of 2026 and crypto adoption remains low, funded mainly via P2P using mobile money on-ramps. Movement — NEW Baseline established._No dedicated crypto/stablecoin framework baselined._ Standing sub-brief · as of 8 September 2026 81 words · last cycle 2026-09-08 #### Stablecoins & Digital Money Comoros has no standalone crypto or stablecoin licensing framework. Virtual-asset activity is captured only via the general financial-institution 'agrément' authorisation route, the same route used for other financial-institution licensing; the BCC had issued no dedicated crypto guidance as of 2026, and adoption remains low, with peer-to-peer activity funded via mobile-money on-ramps. #### Outlook No dedicated stablecoin instrument exists for Comoros to track against; any future guidance would represent a first for the jurisdiction and is not currently signalled. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T3 [https://ybcase.com/en/fintech/polucit-kriptolicenziu-na-komorah](https://ybcase.com/en/fintech/polucit-kriptolicenziu-na-komorah) retrieved 2026-09-08 2. T3 [https://startpolymarket.com/countries/comoros/](https://startpolymarket.com/countries/comoros/) retrieved 2026-09-08 3. T3 [https://startpolymarket.com/countries/comoros/](https://startpolymarket.com/countries/comoros/) retrieved 2026-09-08 ### W3 Operational Resilience & Critical Infrastructure moved 1 judgment Probable confirmed 2026-09-08 Comoros' legacy critical infrastructure is SYCOCO, a manual cheque-clearing house that is the country's only interbank clearing mechanism. The BCC is modernising this via an ATS+ (RTGS+ACH+instant funds transfer) project and, as of August 2025, a live National Interoperable Payment Switch (built by PayLogic under the World Bank-backed PADSF programme) connecting banks, MFIs and mobile-money operators. A 2026 BCC-Banque Centrale de Tunisie cooperation accord explicitly covers payment-system modernisation and cybersecurity strengthening. Movement — NEW Baseline established._SYCOCO, ATS+, National Payment Switch, BCC-Tunisia accord baselined._ Key judgment — Probable · impact HIGH The August 2025 go-live of the National Interoperable Payment Switch marks the most significant structural upgrade to Comoros' payments infrastructure to date, moving the market away from closed-loop, non-interoperable ATM/POS networks._claims: wpm-2026-W3-002, wpm-2026-W4-001, wpm-2026-W8-001_ 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/) Standing sub-brief · as of 8 September 2026 140 words · last cycle 2026-09-08 #### Operational Resilience & Critical Infrastructure Manual cheque-clearing through the SYCOCO system, processing around 5,000 cheques a month worth KMF 19.7 billion, remains the sole formal interbank clearing mechanism, pending absorption into a planned ATS+ (RTGS/ACH/instant funds transfer) system with no confirmed go-live date. That legacy mechanism now sits alongside a new layer of interoperability: a National Interoperable Payment Switch went live on 25 August 2025, connecting banks, microfinance institutions and mobile-money operators under the World Bank-backed PADSF programme, replacing historically closed-loop ATM and POS networks. Separately, the BCC and the Central Bank of Tunisia signed an institutional cooperation agreement in April 2026 covering payment-system modernisation and cybersecurity strengthening. #### Outlook The absence of a confirmed ATS+ go-live date is the principal infrastructure watch item; its delivery would formally retire SYCOCO's manual clearing role and complete the shift toward automated interbank settlement. 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 [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 3. T3 [https://www.einpresswire.com/article/842588827/paylogic-announces-the-go-live-of-the-comoros-s-national-interoperable-payment-switch](https://www.einpresswire.com/article/842588827/paylogic-announces-the-go-live-of-the-comoros-s-national-interoperable-payment-switch) retrieved 2026-09-08 4. T2 [https://www.capmad.com/news/economy-en/comoros-tunisia-monetary-and-banking-cooperation-strengthened/](https://www.capmad.com/news/economy-en/comoros-tunisia-monetary-and-banking-cooperation-strengthened/) retrieved 2026-09-08 5. T3 [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 ### W4 Scheme & Network Compliance moved 1 gap Probable confirmed 2026-09-08 Card-scheme infrastructure in Comoros remains nascent: retail card/POS penetration is extremely low, ATM/POS networks have historically been closed-loop and non-interoperable, and international cards route through partner banks (e.g., Exim Bank Comoros issuing Visa cards) rather than through any domestic scheme rulebook. No evidence of a Comoros-specific interchange regulation, surcharging rule, or PCI DSS mandate was found; the National Payment Switch (2025) is the first material step toward standardised domestic scheme rules. Movement — NEW Baseline established._Card/POS infrastructure state baselined._ Open gap — wpm-int-3 No Comoros-specific interchange regulation, surcharging rule, or PCI DSS mandate was located._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 81 words · last cycle 2026-09-08 #### Scheme & Network Compliance Comoros' retail card infrastructure remains nascent: only 37 ATMs and 28 point-of-sale devices operate nationally, with roughly 34,000 cards in circulation, and networks have historically been closed-loop and non-interoperable. No Comoros-specific interchange regulation, surcharging rule, or PCI DSS mandate has been identified; the 2025 Payment Switch is the first material step toward domestic scheme standardisation. #### Outlook Whether scheme-level rules (interchange, surcharging, PCI DSS) follow the Payment Switch's interoperability gains is the key forward question for this module. no periodic updates on record for this sub-brief ** Sources and findings (3)** 1. T1 [https://documents1.worldbank.org/curated/en/756511588234080981/pdf/Project-Information-Document-Comoros-Financial-Inclusion-Project-P166193.pdf](https://documents1.worldbank.org/curated/en/756511588234080981/pdf/Project-Information-Document-Comoros-Financial-Inclusion-Project-P166193.pdf) retrieved 2026-09-08 2. T3 [https://en.wikipedia.org/wiki/Exim_Bank_Comoros](https://en.wikipedia.org/wiki/Exim_Bank_Comoros) retrieved 2026-09-08 3. T3 [https://www.einpresswire.com/article/786074855/paylogic-awarded-project-for-the-national-interoperable-digital-payment-switch-in-the-union-of-comoros](https://www.einpresswire.com/article/786074855/paylogic-awarded-project-for-the-national-interoperable-digital-payment-switch-in-the-union-of-comoros) retrieved 2026-09-08 ### W5 Payment Corridor Dynamics moved 1 judgment 1 gap Probable confirmed 2026-09-08 Comoros is a heavily remittance-dependent corridor economy: diaspora inflows exceed 20% of GDP as of 2025 (up from 12.1% in 2018), paid out predominantly in cash via Western Union/MoneyGram at total costs typically 5-9% on the France-Comoros corridor. Comoros is a member of SADC and participates in the SADC-RTGS regional multicurrency settlement system alongside 15 other member states, though it is not yet confirmed as a PAPSS participant. Movement — NEW Baseline established._Remittance corridor and SADC-RTGS membership baselined._ Key judgment — Probable · impact ELEVATED Remittances exceeding 20% of GDP combined with persistently high (3.5%-9%) France-Comoros transfer costs indicate continued reliance on cash-based, high-cost remittance channels despite growing mobile-money and digital-switch infrastructure._claims: wpm-2026-W5-001_ Open gap — wpm-int-1 Comoros' PAPSS (Pan-African Payment and Settlement System) participant status could not be confirmed from available public sources this cycle._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 104 words · last cycle 2026-09-08 #### Payment Corridor Dynamics Remittance inflows exceed 20% of GDP, up from 12.1% of GDP in 2018, and Western Union and MoneyGram internet-channel transfers on the France-Comoros corridor cost approximately 3.5% to 9% in total, with payout still made predominantly in cash. Comoros participates in the SADC-RTGS regional multicurrency settlement system alongside fifteen other SADC member states; its participation status in the Pan-African Payment and Settlement System remains unconfirmed from available public sources. #### Outlook Persistent high-cost, cash-heavy remittance channels alongside growing mobile-money and switch infrastructure suggest a corridor still in transition; confirmation of PAPSS participation would be a material addition to Comoros' regional settlement footprint. no periodic updates on record for this sub-brief ** Sources and findings (5)** 1. T3 [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. 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 3. T1 [https://remittanceprices.worldbank.org/corridor/FR/KM](https://remittanceprices.worldbank.org/corridor/FR/KM) retrieved 2026-09-08 4. T2 [https://scielo.org.za/scielo.php?script=sci_arttext&pid=S2077-49072022000100008](https://scielo.org.za/scielo.php?script=sci_arttext&pid=S2077-49072022000100008) retrieved 2026-09-08 5. T1 [https://www.elibrary.imf.org/view/journals/087/2025/004/article-A001-en.xml](https://www.elibrary.imf.org/view/journals/087/2025/004/article-A001-en.xml) retrieved 2026-09-08 ### W6 Industry Structure & Commercial moved Probable confirmed 2026-09-08 The Comorian financial sector is small and bank/microfinance-dominated (no stock exchange), with four commercial banks, a postal bank, microfinance institutions, and a growing mobile-money/digital-finance segment led by Axian (MVola/Mixx/IFDD), BDC's Holo Money, and Comores Telecom's Huri Money. The 2025 BCC Annual Report shows a strengthening banking sector with rising assets, deposits and profits, alongside expanding digital/agent-based financial inclusion infrastructure. Movement — NEW Baseline established._Industry structure and 2025 banking-sector performance baselined._ Standing sub-brief · as of 8 September 2026 71 words · last cycle 2026-09-08 #### Industry Structure & Commercial Dynamics The Comorian state holds a significant capital stake in two private banks, keeping it involved in the financial sector beyond pure regulatory oversight. The sector remains small and bank/microfinance-dominated, with no stock exchange, while the competitive mobile-money segment, including MVola, Holo Money and Huri Money, continues to grow. #### Outlook Continued growth in mobile-money competition alongside a still-concentrated, state-linked banking sector is the structural dynamic to track. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://www.mfw4a.org/country/comoros](https://www.mfw4a.org/country/comoros) retrieved 2026-09-08 2. T2 [https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/](https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/) retrieved 2026-09-08 3. T2 [https://www.ecofinagency.com/news-digital/2702-53320-pan-african-group-axian-to-launch-100-digital-financial-entity-in-comoros](https://www.ecofinagency.com/news-digital/2702-53320-pan-african-group-axian-to-launch-100-digital-financial-entity-in-comoros) retrieved 2026-09-08 4. 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 ### W7 Legal & Litigation moved Probable confirmed 2026-09-08 The dominant payments-relevant legal contest in Comoros is not court litigation but a jurisdictional/regulatory-legitimacy dispute: island-level bodies (AOFA on Anjouan, MISA on Mwali) have issued 'offshore' financial licences that the BCC, backed by the Union Constitution and Organic Law 05-003/AU, has repeatedly and publicly declared to have zero legal standing. Enforcement capacity constraints have historically limited prosecutions (e.g., an unprosecuted BCC-filed complaint noted in the 2010 IMF assessment). The judiciary is a mixed civil/Islamic/customary system with the Supreme Court as apex authority. Movement — NEW Baseline established._AOFA/MISA legitimacy dispute and enforcement-capacity history baselined._ Standing sub-brief · as of 8 September 2026 78 words · last cycle 2026-09-08 #### Legal & Litigation A 2010 IMF/ESAAMLG assessment found that a BCC-filed complaint against unknown parties remained unprosecuted, and that the offshore legal framework created in Anjouan remained legally in effect absent formal invalidation. That historical enforcement-capacity gap continues to contextualise the ongoing AOFA/MISA legitimacy dispute, the dominant payments-relevant legal contest in the jurisdiction. #### Outlook Whether the AOFA/MISA dispute produces a formal judicial or administrative invalidation, rather than continued reliance on public communiqués, remains the central legal watch item. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://www.tradingview.com/news/financemagnates:fc99a9ff1094b:0-is-the-end-of-the-comoros-license-mirage-coming/](https://www.tradingview.com/news/financemagnates:fc99a9ff1094b:0-is-the-end-of-the-comoros-license-mirage-coming/) retrieved 2026-09-08 2. T2 [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. T1 [https://www.imf.org/external/pubs/ft/scr/2010/cr10320.pdf](https://www.imf.org/external/pubs/ft/scr/2010/cr10320.pdf) retrieved 2026-09-08 4. T3 [https://generisonline.com/navigating-the-litigation-process-in-comoros-a-comprehensive-guide/](https://generisonline.com/navigating-the-litigation-process-in-comoros-a-comprehensive-guide/) retrieved 2026-09-08 ### W8 Merchant Acquiring & Risk moved 1 gap Uncertain confirmed 2026-09-08 Merchant acquiring in Comoros is constrained by very low POS penetration and non-interoperable legacy networks. No dedicated acquiring regulation, chargeback/dispute framework, or high-risk-MCC treatment regime specific to Comoros was located in this run (searched BCC policy-framework documentation and payments-infrastructure press); the 2025 National Payment Switch go-live is the primary structural development expected to improve merchant settlement speed and reach. Movement — NEW Baseline established._Merchant acquiring infrastructure constraints baselined._ Open gap — wpm-int-4 No dedicated chargeback/dispute framework or high-risk-MCC treatment regime specific to Comoros was located._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 73 words · last cycle 2026-09-08 #### Merchant Acquiring & Risk The National Payment Switch is positioned to provide faster merchant settlement and expand rural payment access, an expected improvement against a backdrop of low point-of-sale penetration. No dedicated acquiring regulation, chargeback or dispute framework, or high-risk-MCC treatment regime has been identified for Comoros. #### Outlook Whether merchant-facing rules follow the Switch's infrastructure gains, in the same way scheme compliance may eventually follow it, is the open question for this module. no periodic updates on record for this sub-brief ** Sources and findings (2)** 1. T1 [https://documents1.worldbank.org/curated/en/756511588234080981/pdf/Project-Information-Document-Comoros-Financial-Inclusion-Project-P166193.pdf](https://documents1.worldbank.org/curated/en/756511588234080981/pdf/Project-Information-Document-Comoros-Financial-Inclusion-Project-P166193.pdf) retrieved 2026-09-08 2. T3 [https://www.einpresswire.com/article/842588827/paylogic-announces-the-go-live-of-the-comoros-s-national-interoperable-payment-switch](https://www.einpresswire.com/article/842588827/paylogic-announces-the-go-live-of-the-comoros-s-national-interoperable-payment-switch) retrieved 2026-09-08 ### W9 Product Innovation & Market Development moved 1 judgment 2 gap Probable confirmed 2026-09-08 Comoros adopted its first-ever National Financial Inclusion Strategy (NFIS) 2025-2030 on October 8, 2025, chaired by the BCC via a new National Financial Inclusion Council. Concrete infrastructure delivered under this push includes KomorPay (automated cheque/transfer clearing), the Komor Switch interbank platform, a National Payment Hub, the Mali Ya Wakazi banking-agent network, and a live (Aug 2025) National Interoperable Payment Switch. Axian's new IFDD digital-lending licence (2026) extends mobile nano/micro-loan products. No confirmed CBDC pilot exists for Comoros specifically. Movement — NEW Baseline established._NFIS 2025-2030 adoption and digital-lending product baselined._ Key judgment — Probable · impact HIGH Adoption of the first National Financial Inclusion Strategy (2025-2030) formalises a coordinated multi-year financial-inclusion policy push, chaired by the BCC via a new National Financial Inclusion Council._claims: wpm-2026-W9-001_ Open gap — wpm-int-6 No Comoros-specific CBDC pilot or research programme was identified._no under-indexing note recorded_ Open gap — wpm-int-7 No forward-dated regulatory deadlines were extracted into regulatory_horizon this cycle; the NFIS 2025-2030 sets a 2030 target horizon but no precise dated milestone was available to cite without fabricating precision._ATS+ (RTGS/ACH/IFT) rollout timeline should be tracked as a lead-signal watch item for a future confirmed go-live date._ Standing sub-brief · as of 8 September 2026 91 words · last cycle 2026-09-08 #### Product Innovation & Market Development Comoros adopted its first-ever National Financial Inclusion Strategy for 2025-2030 on 8 October 2025, chaired by the BCC through a newly created National Financial Inclusion Council. The strategy sets financial-inclusion targets through 2030 and provides the strategic backdrop for payment-switch and agent-network rollouts; no CBDC pilot has been confirmed for Comoros. #### Outlook The Strategy's 2030 horizon sets the frame against which subsequent product-innovation developments, including any future digital-currency research, will be measured; no precise dated milestone beyond the 2030 horizon was available to cite this cycle. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/](https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/) retrieved 2026-09-08 2. T2 [https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/](https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/) retrieved 2026-09-08 3. T3 [https://www.billionaires.africa/2026/03/01/madagascan-billionaire-hassanein-hiridjees-axian-gets-license-for-fully-digital-lender-in-comoros/](https://www.billionaires.africa/2026/03/01/madagascan-billionaire-hassanein-hiridjees-axian-gets-license-for-fully-digital-lender-in-comoros/) retrieved 2026-09-08 4. T1 [https://www.imf.org/external/pubs/ft/scr/2010/cr10320.pdf](https://www.imf.org/external/pubs/ft/scr/2010/cr10320.pdf) retrieved 2026-09-08 ### W10 Consumer Protection & APP Fraud moved 1 gap Uncertain confirmed 2026-09-08 No dedicated financial consumer-protection agency, ombudsman scheme, or APP-fraud reimbursement regime specific to Comoros was located (searched BCC's public communications and generic ombudsman registries). The de facto consumer-protection mechanism observed is the BCC's direct public-communiqué warnings against fraudulent island-level 'licence' schemes (AOFA/MISA), functioning as anti-fraud messaging rather than a formal complaints/redress framework. Movement — NEW Baseline established._Consumer-protection mechanism (BCC warnings) baselined._ Open gap — wpm-int-5 No dedicated financial consumer-protection agency, ombudsman scheme, or APP-fraud reimbursement regime specific to Comoros was located._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 67 words · last cycle 2026-09-08 #### Consumer Protection & APP Fraud BCC public communiqués warn that AOFA paperwork triggers enhanced due diligence and is commonly declined by banks and payment service providers, functioning as a de facto consumer-protection mechanism in the absence of a dedicated ombudsman scheme or APP-fraud reimbursement regime. #### Outlook Whether Comoros develops a dedicated financial ombudsman or APP-fraud reimbursement framework, rather than continuing to rely on communiqué-based warnings, remains unconfirmed. no periodic updates on record for this sub-brief ** Sources and findings (2)** 1. T2 [https://legasset.com/anjouan-forex-licence-explained/](https://legasset.com/anjouan-forex-licence-explained/) retrieved 2026-09-08 2. 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 ### W11 AML/CFT & Financial Crime moved 1 judgment 1 gap [Sourced from Sentinel.gi ↗](https://sentinel.gi/) Confirmed confirmed 2026-09-08 Sentinel.gi payments-context position: Comoros is a member of ESAAMLG and underwent a Mutual Evaluation (MER published May 2024, endorsed by FATF) assessing compliance with the FATF 40 Recommendations. Comoros is not currently on the FATF black or grey list. The BCC supervises AML/CFT for all financial institutions except insurance, but the MER flags resource constraints limiting effective supervision, and DNFBP AML/CFT supervisory authorities remain undesignated under Law n°12-008/AU. Movement — NEW Baseline established._FATF/ESAAMLG MER status and DNFBP supervisory gap baselined via Sentinel feed._ Key judgment — Probable · impact ELEVATED Comoros' May-2024 FATF/ESAAMLG Mutual Evaluation confirms the jurisdiction is not currently grey/black-listed, but flags material BCC supervisory resource constraints and undesignated DNFBP AML/CFT authorities as a continuing correspondent-banking de-risking risk factor._claims: wpm-2026-W11-001, wpm-2026-W11-002_ Open gap — wpm-int-8 FATF primary MER/country pages returned HTTP 403 (blocked); W11 sentinel content relies on the ESAAMLG mirror PDF and secondary compliance summaries rather than the FATF page directly._no under-indexing note recorded_ Standing sub-brief · as of 8 September 2026 121 words · last cycle 2026-09-08 #### AML/CFT & Financial Crime This module is sourced from the Sentinel.gi feed; the analysis below reflects Sentinel's payments-context summary rather than independent WPM illicit-finance analysis. Comoros underwent a Mutual Evaluation, published May 2024 and endorsed by FATF, confirming the jurisdiction is not currently on the FATF black or grey list. The same evaluation found that the BCC lacks adequate resources to effectively monitor AML/CFT obligations across supervised institutions, and that DNFBP AML/CFT supervisory authorities remain undesignated under AML/CFT Law No. 12-008/AU, Article 24(1). For deeper illicit-finance risk assessment of the DNFBP supervisory gap, see the linked Sentinel.gi feed and the FIM cross-reference. #### Outlook The supervisory-resource and DNFBP-designation gaps are the principal correspondent-banking de-risking factors to track from this module going forward. no periodic updates on record for this sub-brief ** Sources and findings (7)** 1. T1 [https://www.fatf-gafi.org/en/countries/global-network/eastern-and-southern-africa-anti-money-laundering-group--esaamlg.html](https://www.fatf-gafi.org/en/countries/global-network/eastern-and-southern-africa-anti-money-laundering-group--esaamlg.html) retrieved 2026-09-08 2. T? FIM (sentinel.gi) per-JID baseline profile — Comoros — AML/CFT governed by Law N°20-005/AU, implemented via Decision n°12-2023/BCC/DSBR and TFS Decree N°23-074/PR. Supervisor: Banque Centrale des Comores (BCC); FIU: Service de Renseignements Financiers (SRF), est. Décret N°03-025/PR (2003), reinforced Ordinance N°09-002/PR (2009). Assessed by GIABA (FSRB) under 2012 FATF Recommendations/2013 Methodology; 2nd round MER adopted May 2024 found mixed technical compliance and very low effectiveness, placing Comoros under enhanced follow-up. Not on FATF or EU high-risk lists. 3. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-006) — Gap: absent-field-provenance 4. T1 FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-001) — Enforcement: GIABA (FATF-Style Regional Body) — Union of the Comoros AML/CFT regime 5. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004) — Gap: enforcement-absence 6. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003) — Gap: political-constraint 7. T? FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002) — Gap: legal-gap ### W12 Correspondent Banking, Settlement & Access moved Probable confirmed 2026-09-08 Comoros' cross-border settlement access runs primarily through SADC-RTGS (operated by the South African Reserve Bank on behalf of participating SADC central banks) and through correspondent relationships held by locally licensed banks, some of which (Exim Bank Comoros) are subsidiaries of larger regional banking groups (Exim Bank Tanzania). Generic de-risking pressures documented globally for small/frontier markets are relevant context but no Comoros-specific de-risking incident was independently confirmed in this run. A 2026 BCC-Tunisia cooperation accord also touches banking supervision and financial stability, which is adjacent to correspondent-access themes. Movement — NEW Baseline established._Correspondent banking/settlement access baselined._ Standing sub-brief · as of 8 September 2026 92 words · last cycle 2026-09-08 #### Correspondent Banking, Settlement & Access Access to correspondent banking in Comoros runs through locally licensed banks rather than through any dedicated non-bank correspondent channel, the asymmetry that defines this module: cross-border settlement access runs via SADC-RTGS and correspondent relationships held by those banks, including Exim Bank Comoros, a subsidiary of Exim Bank Tanzania. No Comoros-specific de-risking incident was independently confirmed this cycle; generic frontier-market de-risking pressure is relevant context only. #### Outlook The bank-only structure of correspondent access, with no confirmed non-bank correspondent route, remains the structural feature to track for this module. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T1 [https://www.resbank.co.za/en/home/what-we-do/payments-and-settlements/SADC-RTGS](https://www.resbank.co.za/en/home/what-we-do/payments-and-settlements/SADC-RTGS) retrieved 2026-09-08 2. T2 [https://scielo.org.za/scielo.php?script=sci_arttext&pid=S2077-49072022000100008](https://scielo.org.za/scielo.php?script=sci_arttext&pid=S2077-49072022000100008) retrieved 2026-09-08 3. T3 [https://en.wikipedia.org/wiki/Exim_Bank_Comoros](https://en.wikipedia.org/wiki/Exim_Bank_Comoros) retrieved 2026-09-08 4. T2 [https://www.capmad.com/news/economy-en/comoros-tunisia-monetary-and-banking-cooperation-strengthened/](https://www.capmad.com/news/economy-en/comoros-tunisia-monetary-and-banking-cooperation-strengthened/) retrieved 2026-09-08 ### W13 Commercial Intelligence (M&A, Investment & Product) moved Probable confirmed 2026-09-08 Trailing-12-month (Sept 2025-Sept 2026) commercial activity in Comoros payments is dominated by BCC-driven infrastructure milestones and Axian Group product/licensing moves, plus one pan-African development-finance partnership explicitly covering Comoros. Movement — NEW Baseline established._Trailing-12-month commercial intelligence events baselined._ Standing sub-brief · as of 8 September 2026 152 words · last cycle 2026-09-08 #### Commercial Intelligence Axian Group secured a Banque Centrale des Comores IFDD licence (24 February 2026) to launch a branchless digital financial institution offering nano and micro loans via mobile phone; deal value was not publicly disclosed. The Banque Centrale des Comores and the Central Bank of Tunisia signed an institutional cooperation agreement (7 April 2026) covering monetary policy, financial stability, supervision, payment-system modernisation, fintech and cybersecurity; deal value was not publicly disclosed. The African Development Bank and Axian Group launched a digital finance programme (announced 2 September 2026) leveraging Mixx and MVola to support 34,000 women-led businesses across five countries including Comoros, building on AfDB's earlier financing to Axian Telecom; deal value was not publicly disclosed. #### Outlook Axian's IFDD launch is positioned as a pilot with potential expansion elsewhere in Africa; whether the AfDB-Axian programme or the BCC-Tunisia accord generate further disclosed commercial activity is the forward watch item for this module. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/](https://born2invest.com/articles/comoros-banking-sector-strengthens-2025/) retrieved 2026-09-08 2. T3 [https://www.billionaires.africa/2026/03/01/madagascan-billionaire-hassanein-hiridjees-axian-gets-license-for-fully-digital-lender-in-comoros/](https://www.billionaires.africa/2026/03/01/madagascan-billionaire-hassanein-hiridjees-axian-gets-license-for-fully-digital-lender-in-comoros/) retrieved 2026-09-08 3. T2 [https://www.capmad.com/news/economy-en/comoros-tunisia-monetary-and-banking-cooperation-strengthened/](https://www.capmad.com/news/economy-en/comoros-tunisia-monetary-and-banking-cooperation-strengthened/) retrieved 2026-09-08 4. T2 [https://afdb.africa-newsroom.com/press/african-development-bank-and-axian-launch-digital-finance-programme-to-support-34000-womenled-businesses-in-africa?lang=en](https://afdb.africa-newsroom.com/press/african-development-bank-and-axian-launch-digital-finance-programme-to-support-34000-womenled-businesses-in-africa?lang=en) 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| 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", "stablecoin": "emerging-regime"}}}`. **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), 56 finding(s), 113 source(s) in the cumulative register. Think something on this page is wrong? [Report an error](https://payments.gi/legal/#contact).