Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (2) of 2021

Regarding the Amendment of Instructions No. (1) of 2018 Concerning the Licensing of Payment Service Companies

Pursuant to the provisions of Law Decree No. (17) of 2012 Concerning the National Payment Settlement Law, particularly Article (9) thereof, and after reviewing Instructions No. (1) of 2018 Concerning the Licensing of Payment Service Companies, and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (234) dated 29/04/2021, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:

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Article (1)

Definitions

The words and phrases contained in these Instructions shall have the meanings specified below, unless the context indicates otherwise: Original Instructions: Instructions No. (1) of 2018 Concerning the Licensing of Payment Service Companies.

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Article (2)

Scope of Application

The provisions of these Instructions shall apply to all licensed payment service companies providing payment services in Palestine.

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Article (3)

Ownership in Payment Service Companies

The provisions of Article (15), paragraph (4) of the Original Instructions are hereby amended to read as follows: "The ownership percentage of any bank or telecommunications company shall not exceed 49% of the capital of payment service companies."

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Article (4)

Rectification of Status

Licensed payment service companies must rectify their status in accordance with the provisions of these Instructions within a maximum period of 31/12/2021.

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Article (5)

Repeal of Conflicting Provisions

All provisions conflicting with these Instructions are hereby repealed.

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Article (6)

Implementation and Enforcement

All competent authorities shall, each within their respective jurisdiction, implement the provisions of these Instructions, which shall apply from the date of their issuance.

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Issued in the city of Ramallah on 19/05/2021 CE

Dr. Firas Malham
Governor

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Note:
Ramallah and Al-Bireh - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
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