Turkey Electronic Money (E-Money) License

Executive Summary: Turkey’s Financial Technology Landscape and Electronic Money Licensing

Turkey’s fintech sector is flourishing, driven by legislation like the “Law on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions” (Law No. 6493). This law established a framework for electronic money institutions (EMIs) and payment services, promoting innovation while ensuring financial stability and consumer protection.

Key Points:

  • Central Bank of the Republic of Turkey (CBRT) now issues and oversees EMI licenses, replacing the Banking Regulation and Supervision Agency (BRSA).
  • Law No. 6493 defines payment services and exclusions, ensuring clarity and regulatory compliance.
  • Obtaining an EMI license requires a significant capital commitment (55 million Turkish Liras) and adherence to a multi-stage application process.
  • Consultancy services are available to guide companies through the licensing process, including initial meetings, documentation preparation, and regulatory compliance support.

Additional Resources:

Disclaimer: This information is for general knowledge only and does not constitute professional advice. Please consult with qualified professionals for specific guidance.


The financial landscape is undergoing a transformation, shifting from traditional mechanisms to innovative technology-driven solutions in payments and money transfers. This evolution is mirrored in the financial technology (Fintech) sector’s remarkable expansion over recent years, demonstrating a significant uptick in investment and entrepreneurial activity within the country.

Adaptations to legislation have been made to keep pace with the rapid advancements in the Fintech arena and to align with European Union standards. A cornerstone of these regulatory updates is the “Law on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions,” enacted in 2013. This legislation has been instrumental in establishing a robust legal framework to support the growth and integration of electronic money institutions and payment services.

Electronic money is characterized in the law as digital monetary value, which facilitates transactions across a wide array of services and goods, eschewing conventional payment methodologies. This innovation not only simplifies payments but also broadens their applicability, making it a key player in the modern financial ecosystem.

The law precisely delineates the operational and regulatory parameters for electronic money institutions, empowering them to issue digital currencies. These institutions, along with payment services, play a crucial role in enabling diverse financial transactions, including account management and mobile payments. The shift of licensing authority to the Central Bank, effective from January 1, 2020, underscores a strategic step towards consolidating regulatory oversight in the dynamically changing sector. The presence of multiple active electronic money institutions recognized by the Central Bank illustrates that the sector is flourishing, guided by a comprehensive regulatory framework that fosters innovation while ensuring financial stability and protecting consumer interests.

Financial Regulator for Electronic Money Licenses in Turkiye

Certainly, here’s the revised paragraph with the addition of the BRSA’s website address:

In Turkey, the Central Bank of the Republic of Turkey (CBRT) is now the primary authority responsible for the issuance and oversight of Electronic Money Licenses (EMI). This marks a regulatory transition from the Banking Regulation and Supervision Agency (BRSA), which previously held this responsibility but no longer oversees E-money licenses.

Law Regarding Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions

Law Regarding Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions

You can also download this document in PDF from here: Law Regarding Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions.

Payment Services Defined Under the Law:

  1. Payment Service Activities Include:
  • a) Services facilitating the operation of a payment account, including cash deposits and withdrawals.
  • b) Execution of payment transactions such as fund transfers within a user’s payment service provider, direct debits (including one-off direct debits), transactions via payment cards or similar devices, and credit transfers (including standing orders).
  • c) Issuance or acquisition of payment instruments.
  • ç) Money remittance services.
  • d) Payment transactions authorized via telecommunication, digital, or IT devices, where the payment is made to the operator acting solely as an intermediary.
  • e) Services that facilitate bill payments.
  1. Exclusions from Payment Service Definition:
  • a) Cash transactions directly between payer and payee without intermediaries.
  • b) Transactions through a commercial agent authorized to negotiate or conclude sales or purchases.
  • c) Cash collections and deliveries conducted as part of non-profit or charitable activities.
  • ç) Provision of cash by the payee to the payer as part of a payment transaction for goods or services, upon a direct request before execution.
  • d) Foreign exchange operations conducted in cash without holding funds in a payment account.
  • e) Transactions involving negotiable instruments, foreign bank cheques, traveler’s cheques, and paper-based postal money orders as per Law No. 6102.
  • f) Transactions executed by banks, settlement institutions, and others on their own behalf within financial systems.
  • g) Transactions related to capital markets activities performed by designated legal entities under Capital Market Law No. 6362.
  • ğ) Services by technical providers that do not at any time take possession of transferable funds, including data processing, security services, and IT support.
  • h) Services based on instruments limited to specific premises, service provider networks, or for specific goods or services.
  • ı) Transactions for goods or services delivered and used via telecommunication or IT device, where the operator is not merely an intermediary.
  • i) Transactions among payment service providers, agents, or branches for their account.
  • j) Transactions within a corporate group without intermediary payment service providers.
  • k) Cash withdrawal services at ATMs operated by entities acting on behalf of card issuers, not involved in a direct contract with the withdrawing customer, excluding other payment services.
  • l) Additional transactions and services as determined by the Board.
  1. Regulatory Framework:
  • The specific procedures, principles, and required information for payment services, along with framework agreement regulations, are set by the Agency, incorporating feedback from the Financial Crimes Investigation Board and the Bank.

This list comprehensively outlines the scope of payment services under the law, highlighting the activities considered as payment services, exceptions, and the regulatory framework governing these services.

Please note: The numbering/lettering system utilized above follows the Turkish convention.

Electronic Money Institution License in Turkiye

The License application form (in Turkish) can be seen here: Turkey E-Money License Application Form [literally translated it means: Content of the report to be submitted to the bank in license applications]. You can also download the document from here.

Stages of Operating License Applications for Payment and Electronic Money Institutions

Note: This information is dated, and certain financial requirements have changed.


As of 18th January 2021, payment and electronic money institutions can operate in Turkey upon receiving a license from the Central Bank of the Republic of Turkey (CBRT). The process and requirements for obtaining this license have been regulated by the “Regulation on Payment Services, Electronic Money Issuance, and Payment Service Providers” (Regulation), published in the Official Gazette No. 31676 on 1st December 2021.

Key Points for License Applications:

  1. Submission of Documents: The authorized representatives of the applicant corporation should submit the operating license applications and required documents in person directly to the CBRT Head Office.
  2. Registration to the Trade Register: Before registering their trade names with the Trade Register, the applying corporations must pay the minimum capital amount in cash as specified in the Law No. 6493. The payment should be made according to the type of activity.
  3. Application Fee: The application fee must be paid as per the relevant legal obligations. It should be noted that this fee may have changed since 2021.
  4. Preliminary Examinations: Based on the submitted documents, the CBRT conducts preliminary examinations and research regarding the Corporation and related parties.
  5. Intelligence Review: Within six months of the application document’s notification, corporations must apply for the intelligence review stage by submitting the required documents.
  6. Final Certification: Following the approval of the intelligence review stage, the application for the final certification stage must be made to the CBRT within one hundred and twenty days at the latest. Necessary documents specified in the Regulation must be submitted.
  7. Collateral Obligation: Corporations need to fulfill their collateral obligation as per Article 36 of the Regulation.
  8. License Fee: Once the final certification stage is approved by the CBRT, a license fee should be paid. Please note that the specific fee and payment details may have changed since 2021.

Please note that this information is based on regulations as of 18th January 2021, and there may have been changes since then. For the most up-to-date information, it is advisable to refer to the relevant authorities.

E-Money License Cost in Turkey

The e-money license in Turkey necessitates a significant capital commitment. In accordance with the Financial Regulator’s requirements, a deposit of 5 million Turkish Liras out of the total Capital Requirement of 55 million Turkish Liras must be made into the Regulator’s Bank Account. This demonstrates financial strength and a commitment to regulatory compliance. Kindly be aware that this solely represents the capital required and should not be misconstrued as the comprehensive cost associated with obtaining the license.

Apply for Turkey EMI / E-Money / Electronic Money License

If you require comprehensive assistance, from the initial stages to the final steps, in applying for Turkey’s Electronic Money License, please review our standard proposal format provided below.

We are delighted to offer our consultancy services for the e-money institution license application in accordance with the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers. This proposal delineates the scope of our consultancy services, designed to facilitate your company’s successful license application with the Central Bank of the Republic of Turkey (CBRT) for the Electronic Money Institution you intend to establish in Turkey.

Scope of Consultancy Services:

Our consultancy services are structured to provide end-to-end support throughout the licensing process, encompassing:

  • An initial detailed meeting to understand your plans, define the scope of desired activities, and develop a strategic roadmap for the licensing process.
  • Evaluation and formulation of your company’s policies, procedures, and structures in alignment with existing regulations, including Payment Services and Electronic Money, Anti-Money Laundering, and the Financing of Terrorism.
  • Identification of optimal e-money and payment service areas that align with your objectives, ensuring the acquired license encompasses these areas.

License Application Stages:

Stage 1: Company Formation and Preliminary Documentation
  • Establishment of a joint-stock technology company as the application entity.
  • Completion and submission of required forms and the draft articles of association.
  • Payment of the application fee and preparation of a CBRT application letter.
Stage 2: Detailed Documentation and Intelligence Investigation
  • Transformation of the technology company into an e-money institution, including necessary legal amendments and registration.
  • Development of a comprehensive business program and plan as per Regulation requirements.
  • Preparation of extensive documentation, including responses to Regulation Annex 10 questions and preparation of documents pertaining to the company’s legal entity, partners, board members, and general manager.
Stage 3: Finalization and Regulatory Compliance
  • Finalization of the company’s corporate structure, establishment of compliant information systems, recruitment of qualified personnel, and if necessary, augmentation of cash capital.
  • As required by the Financial Regulator, a deposit of 5 Million Turkish Liras from the total Capital Requirement of 55 Million Turkish Liras into the Bank Account of the Regulator to demonstrate financial robustness and commitment to regulatory compliance.
  • Preparation and submission of an independent audit report regarding the company’s corporate structure and information systems.
  • Documentation detailing the operational premises of the company.

Fee Proposal & Payment Terms:

For the comprehensive provision of our consultancy services as detailed above, we have revised our fee to a total of 175,000 USD (excluding VAT). Recognizing the unique requirements and financial planning needs of your project, we are open to discussing and establishing a customized payment schedule that aligns with your company’s cash flow and project milestones.

This approach ensures that our partnership is both flexible and accommodating to your financial planning, while still committing to the highest standards of service delivery and regulatory compliance support.

Projected Expenses:

Additional expenses that may arise during our consultancy engagement include, but are not limited to, courier expenses (for significant volumes), travel expenses, notary fees and charges, and interpreter fees (for mandatory official translations).

Billing Policy:

Our billing policy foregoes charges for typing, secretarial work, and the time spent by auxiliary staff, interns, and other support personnel. Our commitment to providing efficient and high-quality consultancy services is underpinned by a prudent fee policy and the expectation of timely payments.

We eagerly anticipate the opportunity to assist your company in navigating the licensing process to achieve your strategic goals swiftly and securely. 

This page was last updated on February 6, 2024.

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