RICA vs FICA: What’s the Difference?

RICA and FICA sound similar and are often confused, but they do different jobs.

RICA #

• Governs SIM card registration for mobile communications.
• Set out in the Regulation of Interception of Communications Act, 2002.
• Ensures a SIM is linked to a verified identity before it can be used.

FICA #

• Governs anti-money-laundering and customer due diligence for financial institutions.
• Set out in the Financial Intelligence Centre Act, 2001.
• Requires accountable institutions to identify, verify and monitor customers and report suspicious activity.

In short #

RICA is about who is using a SIM card. FICA is about who is using a financial product. A customer may need to satisfy both when, for example, they register a SIM and open a mobile money account.

This article is for general education and is not legal advice. Always confirm the latest requirements with the relevant regulator or your service provider.