Central Bank of Timor-Leste authorises banking transactions by mobile phone

11 September 2014

The Central Bank of Timor-Leste (East Timor) announced it has authorised the BNU Timor bank of Portuguese state group Caixa Geral de Depósitos (CGD), to start an experimental programme that allows a set of banking transactions to be carried out by mobile phone.

In a statement released recently, the Central Bank of Timor-Leste said the programme would allow users to make payments, transfers and withdrawals via mobile phone with a daily limit of US$300 per transfer and US$400 per withdrawal.

The programme “is in line with the Master Plan for the Development of the Financial Sector, particularly in terms of financial inclusion and extending financial and banking services to the whole of Timor-Leste,” the central bank said in a statement.

In a statement, the bank also noted that it has established a set of rules to be followed by BNU Timor during the experimental programme to “ensure compliance with applicable standards, as well as to collect information necessary for analysis and evaluation.” (macauhub/TL/PT)