Regulatory Alerts2022-02-28
Added · Updated
Licensing and Authorization of Payment Instrument Issuer (Amendment) Directive No. ONPS/06/2022
The National Bank of Ethiopia amends Directive No. ONPS/01/2020 to require payment instrument issuers to maintain systems identifying at least two account categories upon opening electronic accounts. Level 1 accounts are capped at a maximum daily balance of Ethiopian Birr 5,000, while Level 2 accounts are capped at Ethiopian Birr 30,000, with specific services including inward remittance, airline ticket purchases, salary payments, and utility payments exempt from these limits. Issuers must segregate exempt services and establish internal controls to monitor balances, and must capture name, date of birth, address, telephone number, photo, and identity card details for Level 2 users. This Directive enters into force on February 28, 2022.