Regulatory Alerts2024-09-04
Added · Updated
Instruction No. 58 on the Interoperability of Monetary Payment Systems and Participation in the National Monetary Switch
The Central Bank of Congo mandates that all credit institutions, financial societies, postal financial services, and authorized payment system operators connect to the National Monetary Switch to ensure interoperability of electronic payment instruments. The instruction establishes the Groupement Monétique Interbancaire du Congo (GMIC) as the manager of the switch, defines multilateral clearing and settlement procedures within the SAREC system, and sets specific fee structures and security standards (EMV, PCI-DSS). Participants are granted a six-month compliance period, during which the Central Bank acts as the switch operator until the GMIC is established, and are subject to sanctions for non-compliance.
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