Regulatory Alerts2020-08-05
Added · Updated
Licensing and Authorization of Payment System Operators Directive No. ONPS/02/2020
The National Bank of Ethiopia establishes licensing and authorization requirements for payment system operators, defining specific categories including national switch, switch, ATM, point of sale, and payment gateway operators. Applicants must meet minimum paid-up capital thresholds ranging from ETB 3 million for payment gateway operators to ETB 300 million for national switch operators, alongside ownership restrictions and shareholder composition rules. The directive mandates prior National Bank approval for directors and executive officers, requiring specific educational and professional experience qualifications. It further outlines a two-stage licensing process involving a pilot period of up to three months, a 60-day response timeline for applications, and grounds for rejection or appeal.