Regulatory Alerts2023-12-04
Regulation No 77/2023 on Payment Initiation, Aggregation, Merchant Acquiring and Accounts Information Services
The National Bank of Rwanda issues Regulation No 77/2023 to establish comprehensive operational and licensing requirements for entities providing payment initiation, aggregation, merchant acquiring, and accounts information services. The regulation mandates strict data security, strong customer authentication, and robust internal controls to ensure anti-money laundering compliance and fraud prevention across electronic payment transactions. It further defines the rights, duties, and liabilities of service providers, account issuers, and users while governing nodal accounts and settlement processes to modernize Rwanda’s payment infrastructure.
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