Algeria allows telco Djezzy to set up first payment services provider

Algeria's Monetary and Banking Council authorized Djezzy Payment Services, a subsidiary of Optimum Telecom Algérie, to incorporate as a payment services provider (PSP) — the first such approval in the country. The company has 12 months to apply for a license, with a minimum capital of DZD 160 million ($1.2 million).

• Djezzy Payment Services is Algeria's first PSP since the category was created in 2023
• The company has 12 months to file its license application
• Minimum PSP capital is DZD 160 million ($1.2 million)
• About 20.7 million Algerian adults remain outside the formal financial system