Developing a legal framework for crowdfunding for Tunisia

In a context of pressing needs to create sustainable jobs for many thousands of school leavers and university graduates in Tunisia policy-makers and the private sector acknowledged the need to enhance the financial inclusion of Tunisian MSMEs, a fabric that constitutes the backbone of the Tunisian economy; and are key drivers of growth, job creation and poverty reduction.

Based on the results and recommendations of the EBESM study entitled “Assessment of Tunisian Policies to Facilitate Access to Finance for MSMEs”, and the follow up seminar that was held in Tunis on xx to disseminate the results of this study, key stakeholders agreed to overcome the obstacles and challenges that hinder MSMEs access to finance and to develop non-banking financial instruments, notably a crowdfunding platform; this will be also useful to increase national and international investment in the country, notably by its diaspora.

EBESM provided a technical assistance mission and delivered a legal framework for crowdfunding in Tunisia. the After assessing the legal and regulatory constraints for the development of the crowdfunding in Tunisia and drawing on EU good practices in this domain (benchmark) the project delivered a draft legal framework to develop the crowdfunding in Tunisia. 

A key feature of this activity is the establishment of a steering committee composed of major key public and private stakeholders, such as the Central Bank, the General Secretariat of the Government (Secrétariat  Général du Gouvernement), the ministries of Finance, ICT, Industry and Trade, the Financial Markets Council (Conseil des Marchés Financiers), the Supervisory authority of the micro-finance (Autorité de contrôle de la micro-finance),UTICA and CONECT. The Agency for the Promotion of Industry and Innovation (national SBA coordinator) will act as Secretariat of this steering committee. The objective being to involve key stakeholders in this activity, enhance inter-institutional coordination and increase the ownership process.

Four steering committee meetings were organised and the project delivered the following documents and reports:

  • A study on the fundamentals of crowdfunding and good EU practices in this domain;
  • A policy brief on the Tunisian financial context and the contribution of the crowdfunding for the development of SMEs;
  •  A concept note on the online payment systems in Tunisia - State of play and prospects for development;
  • An  analytical  paper on the various legal transactions used by the crowdfunding industry to identify their legal qualification in Tunisian law and to target any text that may be amended and new principles that may be applied in the framework of a reform of crowdfunding;
  • A draft legal framework for the development of the crowdfunding in Tunisia.

In addition, a focus group meeting was organised with key stakeholders to identify the legal constraints and barriers and to inform about the good EU practices in this domain.

Note sur les fondamentaux du crowdfunding FR
Note sur le Contexte Tunisien FR
Systèmes de paiement électronique en Tunisie FR
Projet de loi sur le Crowdfunding en Tunisie FR