Regulatory Alerts2020-01-01
Added · Updated
A Complete Guide on Payment System Operator License Process
The National Bank of Ethiopia outlines a five-phase licensing process for Payment System Operators, covering application submission, business plan review, company formation, authorization, and commercialization. Applicants must submit specific documents including a non-refundable investigation fee of ETB 3,000 and a licensing fee of ETB 5,000, while adhering to strict timelines such as a 60-day response for initial applications and a maximum two-month pilot period. The guide mandates the opening of blocked accounts for share contributions, the approval of Board of Directors and CEOs, and the submission of detailed operational, risk management, and IT security policies before commercial services can commence.