Regulatory Alerts2024-07-10
Payment Instrument Issuer and Payment System Operator Directive No. ONPS/04/2021
The National Bank of Ethiopia issued Directive ONPS/04/2021 to establish the licensing framework and equity investment modalities for Payment Instrument Issuers and Payment System Operators. The directive mandates that all share subscriptions by Foreign Nationals of Ethiopian Origin or Organizations occur within Ethiopia, requiring the opening of designated foreign currency escrow accounts. Furthermore, it enforces a thirty percent foreign currency surrender to the central bank, which is converted into Ethiopian Birr at the prevailing mid exchange rate upon receipt.
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