Regulatory Alerts2023-04-25
Added · Updated
International Payment Instruments (as Amended) Directives No. FXD/56/2018
The National Bank of Ethiopia amends directives to authorize authorized banks to issue international debit and prepaid cards for travelers abroad, restricting initial issuance to the Commercial Bank of Ethiopia for government travelers during a pilot period. The rules establish conditions for card issuance, including infrastructure requirements, and define obligations for forex bureaus and banks regarding travel allowances, fee caps of 1.5%, and card validity limits of two years. It also regulates local merchants' eligibility to accept international payment cards and foreign currency cash notes, mandating licensing, exchange rate posting, and monthly reporting of foreign exchange earnings.
Topics
fx
payments
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