Regulatory Alerts2023-12-05
Procedure for Restitution of Erroneous Fund Transfers by Payment Service Providers in CEMAC
The Bank of the States of Central Africa (BEAC) issued Circular Letter No. 004/DGE/DSMP/2023 to establish a mandatory restitution procedure for erroneous mobile and instant fund transfers by Payment Service Providers (PSPs) in the CEMAC zone. The regulation requires PSPs to freeze disputed funds within five minutes of transaction execution, allowing ordering clients to request restitution for erroneous beneficiaries or incorrect details, with automatic acceptance if the beneficiary does not contest within 24 to 48 hours. PSPs must implement this framework and update their contractual terms by March 31, 2024, to ensure consumer protection and guarantee the irrevocability of instant payment orders.
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