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 Decision-Law 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 assigned to them 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 shall be replaced with the following text:

"The shareholding 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 ending on 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All provisions conflicting with these Instructions are hereby repealed.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 implement the provisions of these Instructions according to their respective jurisdictions, and these Instructions shall apply from the date of their issuance.

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Issued in Ramallah on 19/05/2021 AD

Dr. Firas Malham
Governor

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Note:
www.pma.ps

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Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Tel: +970 8 2825713