Regulatory Alerts2023-04-27
Added · Updated
National Payment System Proclamation No. 718/2011
Proclamation No. 718/2011 establishes the legal framework for the national payment system in Ethiopia, defining key terms such as operators, participants, clearing houses, and settlement systems. It grants the National Bank of Ethiopia the authority to establish, own, operate, regulate, and supervise an integrated payment system and a central securities depository. The Proclamation requires all system operators, except the National Bank, to obtain prior written authorization and prohibits unauthorized entities from operating systems or making major structural changes without approval. It further empowers the National Bank to set technical standards, governance rules, and conditions for the issuance of payment instruments to ensure the safety, security, and efficiency of the financial infrastructure.
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