The Central Bank of Tunisia (BCT) is working to improve transparency and protect customers of banking services as of one of its strategic priorities.
As such and in line with the continuation of its normative actions, the BCT published on January 29, 2024 two circulars relating respectively to the conditions of marketing and pricing of financial products and services and the revision of certain banking commissions:
The first circular to banks and financial establishments n°2024-2 aims to establish specific requirements that banks and financial establishments must respect before and during the marketing of any financial product or service as well as pricing requirements. .
The main expectations of this circular revolve around three key principles:
Duty of transparency and strengthening of the right to information
- Implementation of a clear and transparent commercial policy enshrining the customer’s right to clear and complete information
- Introduction of the obligation to display a single level per commission in order to allow the customer to make informed choices and thereby stimulate competition in pricing matters
- Provision of pre-contractual documents to customers allowing them to make informed decisions before committing to financial products and services
- Development, under the aegis of the Banking and Financial Council, of a lexicon of commissions to be brought to the attention of banking customers
- Obligation for banks to send their customers a summary of the annual amount of commissions charged.
Improvement of the quality of banking services
- Establishment of a system to promote quality of service and encourage banks and financial institutions to instill the culture of quality and take root in all their structures
- Setting maximum deadlines for processing financing files and the obligation to inform the client about the fate of their file
- Confirmation of the customer’s right to release the guarantee within a period not exceeding 30 working days from the date of total reimbursement of the financing
Establishment of responsible pricing
- Obligation to adopt more responsible banking pricing, taking into account the quality of the services provided and linked to the cost actually incurred
- Submission of banks and financial institutions to the obligation to justify in advance to the Central Bank of Tunisia any change of the pricing level
The second circular to banks no. 2024-3 provides for the downward revision of the pricing levels of 6 commissions, an orientation in line with the national objectives of combating financial exclusion and the development of digital payments.
This exceptional measure is spread over a period of one year and targets in particular the segment of banking customers whose net monthly income does not exceed 1,500 dinars. It concerns in particular account maintenance fees, card contributions, fees on transfers issued and payments via TPE.
It should be noted that banks are prohibited from increasing their rates until December 31, 2024, during which they are required to implement a new commercial and pricing policy in compliance with regulatory requirements.
By the simultaneous publication of these two circulars, the BCT intends to enshrine the responsibility of banks and financial institutions in the establishment of a transparent commercial and pricing policy promoting financial inclusion and placing the interest of the client as a priority. strategic.
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