Regulatory Alerts2024-10-03
Instruction No. 001/2024-DSP of 1 October 2024 on the Operation of Madagascar's Instant Payment System
The Central Bank of Madagascar issued Instruction No. 001/2024-DSP to establish the operational framework for Madagascar's Instant Payment System (IPS), mandating real-time, 24/7/365 fund transfers with a maximum 30-second availability window for final beneficiaries. The regulation defines eligible financial and non-financial participants, outlines mandatory connection deadlines ranging from January to July 2025, and establishes a centralized clearing and settlement mechanism via the RTGS with strict liquidity and reconciliation account requirements. It further standardizes customer access channels, imposes fraud and dispute management protocols, and grants the central bank authority to enforce technical standards, modify tariffs, and apply sanctions for non-compliance.