Regulatory Alerts2023-09-18
Regulation No. 74/2023 Governing Payment Services Providers
The National Bank of Rwanda issued Regulation 74/2023 to establish a comprehensive licensing framework for payment service providers, defining four operational categories and core electronic money issuance services. The regulation mandates specific initial capital thresholds, fit-and-proper criteria for directors and senior managers, mandatory segregation of user funds, and rigorous auditing, reporting, and anti-money laundering compliance. It further details the application assessment process, license duration, fee structures, grounds for suspension or revocation, and enforces strict data protection, cybersecurity, and interoperability standards to ensure market stability.
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