Regulatory Alerts2019-12-16
Regulation No. 79/2023 on Protection of Payment Services Users
The National Bank of Rwanda issued Regulation No. 79/2023 to establish comprehensive rules protecting payment service users operating wholly or partially within the country. The regulation mandates strict transparency, standardized contract terms, and clear information disclosure for payment transactions while defining precise rights, obligations, and liability frameworks for both service providers and users regarding authorization, execution, refunds, and system failures. It further enforces robust dispute resolution procedures, data confidentiality, and pecuniary sanctions to ensure secure payment ecosystems, effectively updating prior protective guidelines.
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