Regulatory Alerts2023-04-27
Added · Updated
National Payment System (Amendment) Proclamation No. 1282/2023
Proclamation No. 1282/2023 amends the National Payment System Proclamation No. 7/2003 by introducing new definitions for terms such as electronic money, payment instrument issuers, and payment system operators, and establishing strict licensing and authorization requirements enforced by the National Bank of Ethiopia. The amendment prohibits entities from operating as payment system operators or issuing payment instruments without prior written approval, mandates the establishment of dedicated eligible companies for non-financial business entities seeking licenses, and sets specific capital and foreign ownership conditions for applicants. It further regulates the appointment of directors and executives, outlines operational activities including cross-border payments and international cooperation, and establishes a 60-day decision timeline for license applications while specifying that the proclamation takes effect upon publication in the Federal Negarit Gazette.