Latest news with #TuniChèque
African Manager
03-04-2025
- Business
- African Manager
Tunisia: Circulating banknotes and coins surpass 24 billion dinars
For the first time, the amount of banknotes and coins in circulation (BCC) exceeded 24 billion dinars on Friday, March 28, 2025, according to data from the Central Bank of Tunisia (BCT). This marks an increase of 2.7 billion dinars, compared to the same date last year. Cash circulation continued to rise through Eid al-Fitr, reaching a record 24.005 billion dinars—the highest level ever recorded. The use of cash as the preferred means of payment is the result, on the one hand, of the growing reluctance of retailers to accept cheques and, on the other hand, of the still insufficient number of Eftpos terminals installed. During the Eid al-Fitr period, a significant proportion of retailers force economic operators to pay in cash in most situations, as many retailers have not yet joined the TuniChèque platform or on the pretext that cheque verification will cause congestion at points of sale.
African Manager
14-03-2025
- Business
- African Manager
UTICA/CBF: It is imperative to develop electronic payment system
The urgent need to develop and democratize the electronic payment system was the focus of a recent working session between Samir Majoul, President of the Tunisian Confederation of Industry, Trade and Handicrafts (UTICA), and Néji Ghandri, President of the Banking and Financial Council (CBF). During the meeting held at the UTICA headquarters, attended by members of the executive bureau of the employers' organization and representatives of the CBF, emphasis was placed on the necessity of offering citizens affordable banking cards that provide ease of payment. Discussing the 'TuniChèque' platform, participants deemed it essential to resolve issues hindering the platform's smooth operation and to organize informational sessions on its use. In this context, the presidents of UTICA and CBF highlighted the importance of the success of this new platform, calling for a reduction in cash usage, which only fuels the informal economy. On another note, the two parties discussed ways to restructure companies classified by banks, in light of the results of the legal revaluation of their real estate and movable assets. This aims to facilitate their access to financing and enable them to fully play their economic and social roles. Additionally, they stressed the imperative of supporting small and medium-sized enterprises (SMEs) in overcoming obstacles to their sustainability, bolstering the export sector, diversifying national revenue sources, and improving the trade balance as well as the balance of payments.
African Manager
11-03-2025
- Business
- African Manager
Tunisia: One month after its launch: What's the status of the TuniChèque platform?
A little over a month after its launch on February 2, the number of accounts opened on the unified electronic platform for checks, TuniChèque, has reached 135,179. According to the latest data, 94,333 checks have been processed for verification and reservation. The pace of account openings on the platform has slowed since the beginning of Ramadan, compared to the first two weeks after its launch, when 104,000 accounts were created. In contrast, during the most recent period, the increase was only 31,179 accounts. Additionally, the platform and its dedicated call center have received 1,511 inquiries and requests for clarification. The number of requests has risen slowly, increasing from 1,080 in the first two weeks to 1,511 in the following two weeks, marking a limited rise of around 400 requests. The Central Bank of Tunisia (BCT) attributes this slowdown to a better understanding of the platform and its usage methods by citizens and economic stakeholders, as well as the resolution of technical issues encountered during its launch, particularly those related to geolocation and the use of landline phone numbers. Finally, the BCT reiterates its encouragement for merchants to register and use the platform systematically to secure their transactions and avoid check-related disputes.
African Manager
05-02-2025
- Business
- African Manager
New check regulations: Between opportunities and a lack of alternatives
The new check regulations, perceived by some economic actors as an inevitable step aimed at restoring the true role of checks as a payment instrument, have sparked significant concerns among businesses. Companies lament the lack of alternatives to check-based financing, as highlighted during an information day titled 'The New Check Regulations: Impacts and Solutions,' organized on Tuesday in Tunis by the Confederation of Tunisian Citizen Enterprises (CONECT). The new law (No. 41-2024, enacted on August 2, 2024), which primarily addresses the new check regulations, set an effective implementation date of February 2, 2025, for most provisions. This delay was intended to give relevant institutions (Ministry of Justice, Central Bank of Tunisia, banks, businesses, etc.) time to prepare. However, several key practical measures—such as the new check format and the use of the newly created platform—have yet to be presented to businesses, leaving them unprepared. Additionally, many companies remain unaware of several provisions of the law, including the opening of check accounts, limitations on checkbooks, the new digital platform, procedures for bounced checks, new penalties, reconciliation and commitment processes, reduced interest rates on fixed-rate loans, transitional measures for the old law, and procedures for closing bank accounts. Moreover, with the criminalization of guarantee checks and post-dated checks, the law is likely to significantly impact business financing. In a statement to TAP news agency, CONECT President Aslan Berjeb noted, 'It is still too early to comment on the challenges related to this regulation. We need to wait a few weeks to draw initial conclusions. But now that the law has been enacted and the 'TuniChèque' platform is operational, it is pointless to challenge a text already in force.' He added, 'I believe this is an opportunity for checks to regain their role as a sight payment instrument, while other payment methods replace them for guarantee purposes. Checks were never legally intended to serve as guarantees, although practice has made them so, both for businesses and citizens. This is also an opportunity to gradually integrate a significant portion of the informal sector. However, both the public and private sectors must work together to develop viable alternatives, addressing technological, cybersecurity, and personal data protection challenges. All this must be supported by an efficient and effective judicial system that considers time, a critical factor in commercial transactions.' Berjeb also emphasized that existing tools such as crowdfunding, credit bureaus, credit insurance, and credit cards could help mitigate the negative effects on business financing. He added, 'Promissory notes should also reclaim their role as credit instruments. Our banking and financial sectors must demonstrate ingenuity and innovation to better support this transition. I believe disruptive and radical changes occur in specific times. We are in a unique economic situation, and this is when major changes must happen. Businesses need some time to adapt.' The Lack of alternatives is the real issue! Sofiene Weriemi, an accountant and university professor, believes that the economic impact is the real challenge that must be addressed. 'Checks have always been a financing mechanism for Tunisians, not just a payment instrument, with a rejection rate that has never exceeded 3% and a volume exceeding 123 billion dinars in 2023. Changing their purpose overnight will create significant financing problems for businesses, especially SMEs, and for consumption.' He added, 'The Tunisian economy and the banking and financial sector have not yet developed alternatives to replace checks, particularly for business financing. There may be partial replacement through credit insurance or crowdfunding mechanisms, despite their limitations, but no viable alternatives exist to maintain economic stability and consumption levels. This transition should have been better prepared,' he concluded. During the event, Nizar Bezzai, Central Commercial Director of COTUNACE, presented credit insurance as an existing mechanism that will gain prominence with the new check law. This mechanism aims to protect businesses against potential defaults, both in the local market and for exports.
