Addis Ababa: March 24, 2012 (FBC) The National Bank of Ethiopia announced that it has issued a new payment system guidance.
The new policy is expected to significantly increase the effectiveness of the existing payment system.
The National Bank has announced that this guidance, which will be licensed and authorized for payment instruments providers, will be effective from March 23.
The Guidance signed by the Bank Governor, Dr. Yinager Dessie is believed to be useful in promoting the creation of payment instruments, in facilitating and improving financial services.
The directive requires a clear and robust regulatory framework and the payment instruments are in the interest of consumers.
The National Bank indicated that those seeking access to payment instruments outside the licensed institutions can obtain licenses by filling out an application form prepared by the National Bank.
Accordingly, it enables the payment and remittance of payment providers licensed by the Bank to provide various services, including domestic.
It is stated in the directive that the payment system providers may delegate their services to others in accordance with the written consent of the National Bank.
The directive states that the National Bank regulates the payment system, agents, and other partners, to prevent issues that threaten the financial system.