Regulatory Alerts2020-10-15
Added · Updated
PSD Circular Letter No. 12: Properly Informing Customers about Type and Charges of Mobile Financial Services (MFS)
The document mandates Mobile Financial Service (MFS) providers to properly inform customers about service types and charges in compliance with Section 5.0 of the Payment and Settlement Systems Act, 2018. Providers must display service details, applicable charges, fee schedules, and the Consumer Protection Guidelines on their websites and applications prior to service delivery. Additionally, providers must notify customers in advance of any changes to service types or charge rates and explicitly mention VAT-inclusive charges in all advertising across media and social platforms.
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