Regulatory Alerts2024-09-01
Added · Updated
Regulation No. 002 of 2024 on Payment Services and Payment Institution Activities
The Banque de la République du Burundi issued Regulation No. 002/2024 to revise the regulatory framework for payment services, aiming to simplify the text by moving detailed annexes to circulars and updating legal references. The regulation introduces new definitions, categorizes payment institutions into three distinct types, and restricts the custody of client funds to specific high-tier financial entities to enhance user protection. It establishes comprehensive requirements for licensing, governance, interoperability, consumer rights, and anti-money laundering controls for all payment service providers.