Who may lawfully move money across a border in African markets
This rule differs from market to market. Below is each African market's published position on licensed-channel requirement, as stated in the cited official instrument — the record, not a verdict. Rules, not rates — no exchange rate is recorded.
The licences these rules attach to are named differently in each market: Établissement de paiement (Payment institution) in Tunisia, Money Transfer Business in Somalia, Établissement de monnaie électronique (Electronic Money Institution) in DR Congo, Mobile money operator in The Gambia, plus 6 more named by the rules on this page. Where a rule is set at union level it appears once: the WAEMU (UMOA/UEMOA) rule applies in all 8 member states. The licences these rules attach to are also known as money transfer or MTO/IMTO.
The comparable axis is the normalized facet licensed-channel requirement — which makes each market's rule comparable on one table, market to market, without flattening the differences between them.
Facet id (as used by the Afriset MCP): xborder:LICENSED_CHANNEL
The record, market by market
| Market | The record | Source | Source date |
|---|---|---|---|
| Angola | Foreign-exchange operations may only be carried out through a financial institution authorized to exercise the foreign-exchange trade (comércio de câmbios), and that trade requires a special authorization from the Banco Nacional de Angola. Verbatim"As operações cambiais só podem ser realizadas por intermédio de uma instituição financeira autorizada a exercer o comércio de câmbios." | Lei n.º 05/97, de 27 de Junho — Lei Cambial (the operative FX statute) | 1997-06-27 |
| Burundi | Cross-border money movement runs through a licensed channel: export proceeds must be collected through the bank that registered the export declaration (the intermédiaire-agréé bank), and only BRB-agréé établissements de paiement de transmission de fonds à l'international carry on international funds transfer (Réglementation des changes du 28.12.2023, art. 39; Circulaire n° 007/SP). Verbatim"Tout encaissement du produit d'exportation doit se faire par l'intermédiaire de la banque qui a enregistré la DE." | Banque de la République du Burundi — Réglementation des changes du 28.12.2023 — art. 13 (cash declaration), art. 15 (resident FX accounts), art. 38 (repatriation delay), art. 39 (repatriation channel + coffee/tea surrender) | 2023-12-28 |
| Botswana | Cross-border money movement runs through a licensed channel: it is a criminal offence to operate an electronic payment service — including the register's Money Remittance Service category — without a Bank of Botswana licence under Regulation 4(1) of the Electronic Payment Services Regulations, 2019, and a bureau de change is a separately Bank-licensed channel (the two-licence structure evidenced by the Sefremit surrender, whose separate Bureau de Change licence was unaffected). Verbatim"it is a criminal offence, under Regulation 4 (1) of the Electronic Payment Services Regulations, 2019, to operate an electronic payment service without a valid licence issued by the Bank" | Bank of Botswana — press release "Voluntary Surrender of Electronic Payment Service Provider Licence" (the licensed-channel evidence: EPS licensing under reg 4(1); a bureau de change is a separate Bank licence) | 2026-02-24 |
| DR Congo | Cross-border money movement runs through licensed intermediaries (intermédiaires agréés): the bank category, and a non-bank category comprising financial institutions, savings-and-credit cooperatives (COOPEC), micro-finance institutions, bureaux de change, financial-messaging operators (messageries financières) and electronic-money institutions — the D3-to-D2 bridge, every DR Congo register a licensed FX-channel class. Verbatim"Il existe deux catégories d'intermédiaires agréés, à savoir : a) les intermédiaires agréés bancaires (banques agréées) ; b) les intermédiaires agréés non-bancaires qui comprennent les institutions financières, les coopératives d'épargne et de crédit, les institutions de micro-finance, les bureaux de change, les messageries financières et les établissements de monnaie électronique." | Réglementation du Change en République Démocratique du Congo (base text; JO reproduction, 71 pp) | 2014-03-28 |
| Ghana | Every cross-border transfer of foreign exchange to or from Ghana must be made through a licensed money-transfer business or authorised dealer. Verbatim"Each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer." | Foreign Exchange Act, 2006 (Act 723) — full text | 2006-12-29 |
| The Gambia | Foreign-exchange business in The Gambia runs through a licensed channel: the FX market comprises Central-Bank-licensed commercial banks, foreign-exchange bureaus, microfinance institutions, mobile money operators and money transfer operators — FX is dealt through these licensed participants (Foreign Exchange Policy, December 2023). Verbatim"The foreign exchange market in The Gambia comprises of licensed commercial banks, foreign exchange bureaus, microfinance institutions, mobile money operators, and money transfer operators (MTOs)." | Central Bank of The Gambia — Foreign Exchange Policy, December 2023 (§ market participants; the free-floating, market-determined regime in place since 1986 following the liberalization of the Gambian economy) | 2023-12 |
| Kenya | Except with the CBK's permission, every cross-border payment to or from a person outside Kenya must be effected through an authorised bank (or authorised microfinance bank). Verbatim"Except with the permission of the Bank, every payment made— (a) in Kenya, to or for the credit of a person outside Kenya; or (b) outside Kenya, to or for the credit of a person in Kenya; or (c) in Kenya (other than a payment for a current transaction) between a resident and non-resident, shall be effected through an authorized Bank or an authorized microfinance bank." | Central Bank of Kenya Act (Cap. 491), esp. Part VIA (ss. 33A–33O) | 2024-12-27 |
| Morocco | A payment institution (établissement de paiement) is an authorized FX-change operator only when separately authorized by the Office des Changes to carry out currency exchange — the dual-authorization axis: a Bank Al-Maghrib licence plus an Office des Changes authorization. Verbatim"Opérateurs de change de devises : les établissements de paiement, tels que définis par la loi n°103-12 et les sociétés de change de devises, autorisés par l'Office des Changes à exercer l'activité de change de devises." | Instruction Générale des Opérations de Change 2026 (IGOC 2026) — the consolidated FX rulebook, Office des Changes | 2026-01-01 |
| Mauritius | Cross-border retail money remittance runs through a licensed channel: money remittance is a payment service under the NPS Act (Second Schedule item (f)), and no person other than the central bank or a bank may act as a payment service provider without a Bank of Mauritius licence. Verbatim"No person, other than the central bank or a bank, shall act as a payment service provider without a licence." | National Payment Systems Act 2018 (consolidated, amended 12.08.21) — s.9 (Licensing of payment service providers) | 2021-08-12 |
| Malawi | Cross-border money movement and FX dealing run through a licensed channel: no person may carry on business as an authorized dealer unless licensed or authorized by the Reserve Bank under the Foreign Exchange Act, 2025 — so FX transfers and remittances run through Bank-licensed authorized dealers and Money Transfer Agents (dealing in foreign currency with any person other than an authorized dealer is an offence). The D3↔D2 bridge to the MTA remittance register. Verbatim"A person shall not carry on business as an authorized dealer, unless that person has been licensed or authorized by the Bank under this Act." | Reserve Bank of Malawi — Foreign Exchange Act, No. 18 of 2025 — s.10(1) (a person shall not carry on business as an authorized dealer without a Bank licence/authorization) | 2025 |
| Namibia | Foreign-exchange dealing runs through a licensed channel: under the Exchange Control Regulations, 1961, no person other than an Authorised Dealer (or an ADLA — a bureau de change) appointed by the Treasury may deal in foreign exchange, so cross-border money movement and FX run through Bank of Namibia-appointed authorised dealers. Verbatim"no person other than an Authorised Dealer, appointed by the Treasury, must deal in foreign exchange" | Bank of Namibia — Authorised Dealer in Foreign Exchange with Limited Authority (ADLA) Licensing Requirements Matrix, §1 Introduction and Legislation (Exchange Control Regulations, 1961 reg 2) | not dated |
| Nigeria | All legitimate FX transactions must be concluded with an Authorised Dealer; dealing with unlicensed intermediaries is prohibited. Verbatim"All legitimate foreign exchange transactions in the NFEM must be concluded with an Authorised Dealer and any dealing with unlicensed intermediaries is hereby prohibited." | CBN, Revised Guidelines for the Nigeria Foreign Exchange Market (NFEM), FMD/DIR/CON/OGC/040/0012 | 2024-11-29 |
| Rwanda | All payments to non-residents and all transfers of funds to or from abroad must be made through authorised intermediaries or the Central Bank. Verbatim"All payments to non-residents and all transfers of funds by residents to or from abroad must be made through the authorized intermediaries or the Central Bank." | Regulation N° 42/2022 of 13/04/2022 governing foreign exchange operations (Official Gazette n° 16 bis of 18/04/2022) | 2022-04-18 |
| Seychelles | Foreign-exchange business in Seychelles runs through a licensed channel: it may be conducted only by an « authorised dealer » — a bank or a bureau de change, each licensed under the Financial Institutions Act to carry on foreign-exchange business (Foreign Exchange Act 2009). Verbatim"authorised dealer means (a) a bank; or (b) a Bureau de Change" | Central Bank of Seychelles — Foreign Exchange Act 2009 (consolidated to 30 June 2012) — s.2 (« authorised dealer » = bank / bureau de change licensed under the Financial Institutions Act), s.3 (permitted activities), s.6 (export receipts in convertible foreign currency) | 2012-06-30 |
| Somalia | Cross-border money transfer runs through a licensed channel: a Central-Bank-of-Somalia Money Transfer Business licence is the authorized route (money-transfer business by any other person requires the licence). An agent of a licensed MTB, and a bank or regulated financial institution authorized under the Financial Institutions Law, are exempt from the MTB licence (Money Transfer Business Licensing Regulations 2014, reg 23). Verbatim"The following businesses are not required to be licensed as money transfer businesses: a. An agent for a money transfer business; b. Banks and other regulated financial institutions under the financial institutions law that are authorized to provide money transfer business" | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014, reg 23 (agents and banks/regulated financial institutions are exempt from the money-transfer-business licence; the MTB licence is the licensed cross-border channel) | 2014 |
| Eswatini | Foreign-exchange dealing runs through a licensed channel: under the Exchange Control Order, 1974 and the Exchange Control Regulations, 1975 (administered by the Central Bank of Eswatini), only the Bank-appointed Authorised Dealers (banks) may provide foreign exchange for transactions, within the limits and conditions the Bank sets — so cross-border money movement and FX run through CBE-authorised dealers. The bureau-de-change (ADLA) lane is out of the licensed remittance universe (an ADLA may not conduct cross-border money remittance). Verbatim"Instructions and Notices issued by the Central Bank from time to time empower the Authorised Dealers (banks) to provide foreign exchange for transactions within the limits and conditions set out therein" | Central Bank of Eswatini — A Simple Guide to Exchange Control in Swaziland (§2 the Common Monetary Area; §1 the ECO 1974 / ECR 1975 licensed-channel frame) | 2005-02 |
| Tunisia | Foreign-exchange and cross-border money-movement operations run through a licensed channel: a Banque Centrale de Tunisie payment-institution licence does not itself confer FX-operator status — an établissement de paiement may handle foreign-transfer operations only after separately obtaining intermédiaire-agréé status under the exchange-control regulation (a dual-authorization axis, the Morocco / Office-des-Changes analogue). Circulaire n° 2018-16, art. 4. Verbatim"leur mise à disposition au profit de leur clientèle après avoir obtenu la qualité d'intermédiaire agréé conformément à la réglementation des changes en vigueur." | Banque Centrale de Tunisie — Circulaire n° 2018-16 du 31 décembre 2018, art. 4 (an établissement de paiement may receive inbound funds transfers from abroad and make them available to its customers only after obtaining intermédiaire-agréé status under the exchange-control regulation) | 2018-12-31 |
| Tanzania | A person may hold, sell or buy foreign currency within Tanzania only through a bank, financial institution or bureau de change. Verbatim"may, within the United Republic- (a) hold any amount of foreign currency; (b) sell to or purchase any amount of foreign currency from a bank, financial institution or bureau de change; and (c) open and maintain a foreign currency account with a bank or financial institution." | Foreign Exchange Regulations, 2022 (GN No. 294 of 2022, made under s.6(1) FX Act Cap 271) | 2022-05-13 |
| Uganda | Every cross-border transfer of foreign exchange to or from Uganda must go through a person licensed to carry out the business of money transfers — the core channeling rule. Verbatim"Every transfer of foreign exchange to or from Uganda shall be through a person licensed to carry out the business of money transfers." | Foreign Exchange Act, 2004 (Act 5 of 2004) — assent print | 2004-12-03 |
| WAEMU Crossing the union border BeninBurkina FasoCôte d'IvoireGuinea-BissauMaliNigerSenegalTogo | Foreign-exchange operations, capital movements and settlements between a member state and a non-member state — or, inside the union, between a resident and a non-resident — may be carried out only through the BCEAO, the postal administration, a licensed intermediary (intermédiaire agréé) or a licensed manual-exchange dealer. Verbatim"Les opérations de change, mouvements de capitaux (émission de transferts et/ou réception de fonds) et règlements de toute nature entre un Etat membre de l'UEMOA et tout autre Etat non-membre de l'Union ou dans l'UEMOA entre un résident et un non-résident, ne peuvent être effectués que par l'entremise de la BCEAO, de l'Administration ou de l'Office des Postes, d'un intermédiaire agréé ou d'un agréé de change manuel." | Règlement n°06/2024/CM/UEMOA relatif aux relations financières extérieures des Etats membres de l'UEMOA — 36 articles; adopted Bamako 2024-12-20 (Adama COULIBALY, Pres. Conseil des Ministres); Art. 35 abrogates Règlement 09/2010; Art. 36 in force at signature | 2024-12-20 |
| WAEMU Crossing the union border BeninBurkina FasoCôte d'IvoireGuinea-BissauMaliNigerSenegalTogo | Manual foreign-exchange dealing (bureau de change) is reserved exclusively to legal persons and requires the Finance Minister's approval after the BCEAO's conforming opinion (the 2024 frame excludes natural persons). Verbatim"L'exercice de l'activité de change manuel, réservé exclusivement aux personnes morales, est subordonné à l'obtention d'un agrément du Ministre chargé des Finances, après avis conforme de la BCEAO." | Instruction n°07/07/2025/RFE … conditions d'exercice de l'activité d'agréé de change manuel (abrogates 06-07-2011/RFE — the instruction every national arrêté in the widen pass cites) | 2025-08-01 |
| South Africa | No person other than an Authorised Dealer may buy, borrow, sell or lend foreign currency except with Treasury permission — all FX transactions run through the AD channel. Verbatim"Except with permission granted by the Treasury, and in accordance with such conditions as the Treasury may impose no person other than an authorised dealer shall buy or borrow any foreign currency or any gold from, or sell or lend any foreign currency or any gold to any person not being an authorised dealer." | Exchange Control Regulations, 1961 (GN R.1111 of 1961-12-01, "amended up to Government Notice No. R.445 in Government Gazette No. 35430 of 8 June 2012") — SARB-hosted consolidation | 2012-06-08 |
| Zambia | The foreign-exchange market is conducted through licensed participants and dealers; the Bank of Zambia's regulatory statements are directed at licensed money-market, FX-market and derivatives-market participants. Verbatim"…the regulatory statements may be issued to— (a) licensed participants or dealers in the money market, foreign exchange market and market for derivatives; and (b) ensure orderly dealings in the markets under paragraph (a)." | Bank of Zambia Act, 2022 (Act No. 5 of 2022) | 2022-07-29 |
The record as published in each cited instrument, as of its source date — not legal or compliance advice. The record can change — a new rule can appear or an existing one lift — so verify current status with the regulator. Rules, not rates: no exchange rate is recorded here.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Related
Cross-border rules by market