Regulatory Alerts2024-08-30
Instruction No. 58 on the Interoperability of Electronic Payment Systems and Participation in the National E-Payment Switch
The Bank of Congo issued Instruction No. 58 to mandate interoperability among electronic payment systems and require regulated entities, including credit institutions, financial companies, postal services, and aggregators, to connect to the National E-Payment Switch. The Instruction establishes a centralized clearing and settlement framework within the SAREC system, defines fee structures, risk management obligations for both the switch manager and participants, and enforces EMV and PCI-DSS security standards. Regulated entities have a six-month compliance window, after which the Bank of Congo assumes temporary switch operator duties until GMIC's formal establishment, with non-compliance subject to legal sanctions.
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