Regulatory Alerts2008-02-27
Added · Updated
Law No. 2/2008 Establishing the National Payments System and Creating the National Payments System Coordination Committee
The Assembly of the Republic of Mozambique enacted Law No. 2/2008 to establish the National Payments System and create the Coordination Committee of the National Payments System (CCSNP). The law designates the Bank of Mozambique as the supervisory authority with powers to monitor subsystems, define operating conditions, and enforce compliance through fines ranging from 10,000 to 100,000 meticais for natural persons and 40,000 to 400,000 meticais for legal entities. It mandates that payment settlements are definitive and irrevocable, requires participants to provide liquidity and risk information, and establishes the CCSNP composition and competences to advise on system modernization.
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