In 2024, the Central Bank of the Republic of Türkiye (CBRT) continued its rigorous oversight and supervision of payment and electronic money institutions to ensure their smooth, secure, and efficient operation within the financial ecosystem. The CBRT’s ongoing efforts aim to protect consumer rights and strengthen the sector, reflecting its commitment to maintaining a well-regulated and compliant financial environment.
During the year, the CBRT approved eight applications for operating licenses in the field of payment and electronic money institutions. These approvals signal continued growth in Türkiye’s rapidly developing digital payment landscape. Additionally, the central bank authorized the expansion of activities for seven institutions and approved five applications for the transfer of shares among existing institutions.
However, not all companies met the regulatory standards. The CBRT also had to take corrective action by suspending one operating license and revoking another, underscoring the central bank’s commitment to maintaining a high level of compliance and integrity within the sector.
The CBRT’s oversight activities in 2024 included imposing administrative fines on 55 institutions for violations of Law No. 6493, a key regulation governing the payment services and electronic money sectors. The total fines amounted to TRY 160.3 million, demonstrating the central bank’s zero-tolerance policy for non-compliance.
In addition to financial penalties, the CBRT carried out over 280 technical inspections on suspected unauthorized payment service providers. These inspections are a vital component of the CBRT’s strategy to protect consumers and ensure fair market practices. For violations of Law No. 6493 uncovered during these inspections, the CBRT took the necessary legal steps, including formal complaints to the relevant Chief Public Prosecutor’s Offices.
The CBRT also worked to enhance transparency and public awareness in the sector, responding to a total of 1,224 public requests for information regarding payment and electronic money institutions, payment services, and electronic money issuance. This proactive approach to communication helps ensure that the public is informed about their rights and available services in the rapidly evolving payment landscape.
Looking ahead, the CBRT has reiterated its commitment to continuing its oversight and supervision activities to ensure that all payment and electronic money institutions comply with both national regulations and international standards. These efforts are essential to ensuring the security, stability, and growth of Türkiye’s digital payment ecosystem. The central bank’s dedication to enforcing compliance, coupled with its proactive role in monitoring the sector, reflects its broader mission of safeguarding consumer interests while supporting the development of a secure and competitive financial ecosystem.
The CBRT’s ongoing actions in 2024 exemplify its role as a vigilant regulator in an increasingly complex and digital financial environment. By maintaining strong oversight, the CBRT is helping to build trust in the financial services sector and ensuring that consumers can confidently engage with payment systems and electronic money institutions.