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2024-09-01

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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.

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BANQUE DE LA REPUBLIQUE DU BURUNDI

THE GOVERNOR

REGULATION NO. 002/2024 REVISING REGULATION NO. 001/2017 ON PAYMENT SERVICES AND THE ACTIVITIES OF PAYMENT INSTITUTIONS

STATEMENT OF REASONS

The reasons motivating the revision of Regulation No. 001/2017 on payment services and the activities of payment institutions are as follows:

  1. The desire to simplify the Regulation by removing the annexes, as these are subject to modification based on the evolution of activities, and by moving them to the level of implementation circulars, since the Regulation is intended to be a text containing general provisions, with its implementation texts being more detailed.
  2. The updating of legal references because the Regulation was issued before the promulgation of Law No. 1/07 of May 11, 2018, establishing the national payment system, and other legal and regulatory texts to which the provisions of said Regulation refer, namely: i. Law No. 1/17 of August 22, 2017, governing banking activities; ii. Law No. 1/07 of May 11, 2018, establishing the national payment system; iii. Law No. 001/10 of March 16, 2022, on the prevention and repression of cybercrime; iv. Regulation No. 001/2018 on microfinance activities; v. Regulation No. 001/2023 issued in application of Law No. 1/02 of February 4, 2008, on combating money laundering and the financing of terrorism; vi. Regulation No. 001/2019 on the protection of consumers of financial products and services; vii. Regulation No. 002/2017 on commercial agents in banking operations and payment services; viii. The foreign exchange regulation of December 28, 2023.
  3. The consideration of observations and recommendations from UNCDF¹ during its national consultation mission from October 17 to 21, 2022, and recorded in its preliminary diagnostic report on Burundi within the framework of the Project for Harmonization of Remittance Policies in the Region of the Economic Community of Central African States, and transmitted to the Bank;

¹ The United Nations Capital Development Fund, created in 1966 by the UN General Assembly, is an autonomous UN organization financed by voluntary contributions and affiliated with the United Nations Development Programme.

  1. The insertion of clarification on the categorization of payment institutions;
  2. The insertion of certain missing definitions for specific concepts, namely: i. payment account; ii. interoperability; iii. e-money with restricted acceptance; iv. mobile payment services; v. fund transmission; vi. electronic fund transfer; vii. user.
  3. Clarification, for reasons of protecting user funds, of a provision limiting the institutions that can be depositaries of global or escrow accounts to banks, the National Post Office, and first and third-category microfinance institutions, thereby excluding second and fourth-category microfinance institutions;
  4. The insertion of criteria for identifying a legal person in a contract related to payment operations;
  5. The introduction of a non-objection agreement for issuers of e-money with restricted acceptance;
  6. The consideration of the risk level and the evolution of the activity of each category of payment institutions when setting the minimum share capital.

BANQUE DE LA REPUBLIQUE DU BURUNDI

REGULATION NO. 002/2024 REVISING REGULATION NO. 001/2017 ON PAYMENT SERVICES AND THE ACTIVITIES OF PAYMENT INSTITUTIONS

JULY 2024

TABLE OF CONTENTS

CHAPTER I: GENERAL PROVISIONS ............................................................... 6 Article 1: Object and Scope of Application ........................................................... 6 Article 2: Definitions of Terms and Expressions Used ......................................... 6 CHAPTER II: GRANTING, CONDITIONS OF EXERCISE, AND WITHDRAWAL OF APPROVAL TO A PAYMENT INSTITUTION ............................................................... 10 Article 3: Obligation of Approval ................................................................... 10 Article 4: Obligation to Obtain Non-Objection ........................................... 10 Article 5: Legal Form .............................................................................. 11 Article 6: Minimum Capital ............................................................................ 11 Article 7: Approval Process .................................................................... 11 Article 8: File Analysis Fees, Approval Fees ........................................... 11 Article 9: Issuance of Approval License .............................................. 12 Article 10: Validity of the Approval License ................................................. 12 Article 11: Display of the Approval License .............................................. 12 Article 12: Supervision Fees and Other Fees ............................................... 12 Article 13: Modification of Approval Conditions ....................................... 13 Article 14: Suspension or Voluntary Cessation of Provision of Payment Services ............................................................... 13 Article 15: Suspension of Activities or Withdrawal of Approval License .......... 13 Article 17: Entry into Effect of Withdrawal of Approval and Deadlines for Return of Funds ............................................................... 14 Article 18: Procedures for Return of Funds ................................................ 14 Article 19: Resumption of Activity ......................................................................... 15 CHAPTER III: GOVERNANCE BODIES ................................................... 15 Article 20: Governance Bodies ............................................................. 15 Article 21: Approval of Managers and Directors ................................ 15 Article 22: Liability of Members of Governance Bodies .............. 15 Article 23: Vacancy in the Position of General Manager or Managing Director ...................... 15 Article 24: Suspension or Dismissal of Members of Governance Bodies ............................................................... 16 CHAPTER IV: APPROVAL OF PAYMENT SERVICE OFFERS TO CREDIT INSTITUTIONS, MICROFINANCE INSTITUTIONS, AND THE NATIONAL POST OFFICE. ............................................................... 16 Article 25: Scope of Application ................................................................... 16 Article 26: Conditions for Obtaining Approval ................................... 16 Article 27: Process and Deadlines for Analysis of Approval Request File ............................................................... 17 Article 28: Notification of Approval ...................................................... 17 Article 29: Validity of the Approval Certificate .............................................. 17

Article 30: Obligation to Open a Special Account ........................................... 17 Article 31: File Analysis and Issuance of Approval Certificate Fees ... 17 Article 32: Modification of Approval Conditions ................................... 17 Article 33: Conditions for Suspension or Withdrawal of Approval Certificate ... 18 Article 34: Request for Activity Suspension by the Subject Institution ...... 18 Article 35: Entry into Effect of Withdrawal of Approval Certificate and Deadlines for Return of Funds ............................................................... 19 Article 36: Resumption of Activity ......................................................................... 19 CHAPTER V: INTEROPERABILITY OF PLATFORMS ................................... 19 Article 37: Establishment of Platform Interoperability ................... 19 Article 38: Principle of Non-Restriction and Non-Discrimination ................... 20 Article 39: Risk Management ...................................................................... 20 CHAPTER VI: SUPERVISION OF PAYMENT INSTITUTIONS AND OTHER ESTABLISHMENTS PROVIDING PAYMENT SERVICES ................ 20 Article 40: Reports ............................................................................... 20 Article 41: Documentary and On-Site Supervision .............................................. 20 Article 42: Joint Supervision ................................................................. 21 Article 43: Capital Adequacy Requirements for a Payment Institution .......... 21 Article 44: Calculation of Own Funds ............................................................. 21 Article 45: Placement of Financial Commitments ....................................... 22 Article 46: Obligation to Open a Global or Special Account .......... 22 Article 47: Protection of Client Funds ................................................... 22 CHAPTER VII: INTERNATIONAL TRANSFERS ........................................... 22 Article 48: Authorization for International Transfer ........................................ 22 Article 49: Execution of Incoming Operations .............................................. 22 Article 50: Execution of Outgoing Operations .............................................. 23 CHAPTER VIII: INFORMATION OBLIGATIONS AND CONDITIONS FOR EXECUTION OF PAYMENT SERVICES OPERATIONS ........................................... 23 Article 51: Scope of Application ................................................................... 23 Article 52: Language of the Contract and Related Communications ................... 23 Article 53: Fees and Conditions Related to the Provision of Information ................... 23 Article 54: Isolated Payment Operations ................................................... 24 Article 55: Framework Agreement for Payment Services ......................................... 25 Article 56: Pre-contractual Information .................................................... 26 Article 57: Procedures for Acceptance, Modification, and Termination of the Framework Agreement ............................................................... 26 Article 58: Information After Execution of the Payment Operation ........... 27

Article 59: Provisions Applicable to Low-Amount Payment Operations ............................................................... 27 Article 60: Order of Execution of Payment Operations ............................. 28 Article 61: Consent and Authorization of a Payment Operation ........... 28 Article 62: Revocation of a Payment Order .............................................. 28 Article 63: Receipt of a Payment Order ............................................... 28 Article 64: Refusal to Execute a Payment Order ......................................... 29 Article 65: Fees Related to the Execution of Payment Orders ............................. 29 Article 66: Deadlines for Execution of a Payment Order ................................... 29 Article 67: Value Date ................................................................................. 30 Article 68: Obligations of the Payment Institution Regarding Payment Means ............................................................... 30 Article 69: Obligations of the Payment Service User Regarding Payment Means ............................................................... 30 Article 70: Liability in Case of Unauthorized Operations ....................... 31 Article 71: Liability in Case of Loss or Theft of a Payment Means ...... 31 Article 72: Liability in Case of Poorly Executed Payment Operation .......... 31 Article 73: Liability of Subject Institutions ......................................... 32 Article 74: Burden of Proof ................................................................. 33 Article 75: Limitation Periods ................................................................. 33 Article 76: Reimbursement in Case of a Payment Operation Ordered by the Beneficiary on Behalf of and/or with Consent of the Payer ............................................................... 33 Article 77: Procedures for Reimbursement by Direct Debit .............................. 34 CHAPTER IX: INTERNAL CONTROL DEVICE AND COMBATING MONEY LAUNDERING AND FINANCING OF TERRORISM ................ 34 Article 78: Internal Control Device ..................................................... 34 Article 79: Device for Combating Money Laundering and Financing of Terrorism ............................................................... 34 Article 80: Customer Identification ....................................................... 34 Article 82: Traceability of Transactions ....................................................... 35 CHAPTER X: CONTROL BY THE STATUTORY AUDITOR ................... 35 Article 83: Requirement for a Statutory Auditor and Mandate ..................... 35 Article 84: Obligation of the Statutory Auditor to be Independent and Provide Any Information Required by the Central Bank and Consultation Meetings ............................................................... 35 Article 85: Notification to the Central Bank of the Suspension, Revocation, and Resignation of the Statutory Auditor ............................................................... 36 Article 86: Vacancy of Position of Statutory Auditor ............................. 36 Article 87: Submission of Payment Institutions to an In-Depth External Audit ............................................................... 36

CHAPTER XI: DIVERSE PROVISIONS ........................................................ 36 Article 88: Conclusion of Partnership Contract ........................................... 36 Article 89: Creation of Professional Associations ...................................... 37 Article 90: Handling of Complaints ....................................................... 37 Article 91: Use of Commercial Agents in Banking Operations and Payment Services ............................................................... 37 Article 92: Sanctions .................................................................................. 38 CHAPTER XII: TRANSITORY AND FINAL PROVISIONS ......................... 38 Article 93: Existing Service Providers ......................................... 38 Article 94: Management of Unforeseen Cases ....................................................... 38 Article 95: Entry into Force ................................................................. 39

REGULATION NO. 002/2024 REVISING REGULATION NO. 001/2017 ON PAYMENT SERVICES AND THE ACTIVITIES OF PAYMENT INSTITUTIONS

Having regard to Law No. 1/02 of February 4, 2008, on combating money laundering and the financing of terrorism; Having regard to Law No. 1/34 of December 2, 2008, establishing the Statutes of the Banque de la République du Burundi and its implementing texts; Having regard to Law No. 1/09 of May 30, 2011, establishing the Private and Publicly Participating Companies Code; Having regard to Law No. 1/01 of January 16, 2015, revising Law No. 1/07 of April 26, 2010, establishing the Commercial Code; Having regard to Law No. 1/17 of August 22, 2017, governing banking activities and its implementing texts; Having regard to Law No. 1/07 of May 11, 2018, establishing the national payment system; Having regard to Law No. 001/10 of March 16, 2022, on the prevention and repression of cybercrime in Burundi;

Having reviewed Regulation No. 001/2017 on payment services and the activities of payment institutions;

The Banque de la République du Burundi, hereinafter referred to as the "Central Bank":

Enacts this Regulation.

CHAPTER I: GENERAL PROVISIONS

Article 1: Object and Scope of Application

This Regulation establishes the conditions and procedures for access to and exercise of the activities of payment institutions, as well as the control of their activities by the Central Bank.

It also establishes the conditions for obtaining a non-objection for any entity wishing to offer innovative payment services using e-money with restricted acceptance.

Article 2: Definitions of Terms and Expressions Used

For the purposes of this Regulation, the words or groups of words below have the following meaning:

  1. Acceptor, the enterprise, contractually linked to the issuing institution, provider of goods and services to which e-money provides access;
  2. Restricted Acceptance, refers to e-money, the use of which is limited to the subsidiaries of the issuing institution or restricted to the purchase of goods and services in stores or points of sale previously determined with it;
  1. Commercial Agent, any person acting on behalf and for the account of the subject institutions as defined in point 12 of this Article;
  2. Central Bank, Banque de la République du Burundi;
  3. Beneficiary, the person who is the recipient of funds received from the initiator of a payment operation;
  4. Payment Account, an account held in the name of one or more persons with a payment institution, used for the purpose of executing payment operations;
  5. Agency Contract, a mandate by which a person, not bound by an employment contract, undertakes to negotiate or conclude in a habitual manner, purchases, sales, or, in general, any commercial operation on behalf and for the account of a merchant, producer, or another commercial agent, who undertakes, on their side, to remunerate them;
  6. Framework Agreement, the contract concluded between the user and their payment institution as described in Article 53 of this Regulation;
  7. Deposit Account Agreement, the contract entered into between a bank or microfinance institution and a natural person acting within the framework of their personal needs. The opening of a deposit account must necessarily be accompanied by the signing of a deposit account agreement which specifies the conditions under which this account operates, as well as the rights and obligations of both parties;
  8. Personalized Security Device, any technical means attributed by a payment institution to its client to allow them to use a payment instrument. This device, specific to the payment service user, is placed under their custody and aims to authenticate them;
  9. Distributor, any subject institution or any other person offering the public a service of distribution, loading, reloading, collection, or refund of funds;
  10. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities, such as credit institutions, payment institutions, microfinance institutions, and the National Post Office for its banking and/or microfinance activities subject to the authorization and control of the Central Bank;
  11. Credit Institution, a bank or a financial institution;
  12. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services as defined in this Regulation;

Three categories of payment institutions are distinguished:

a. Payment Institution Issuing E-Money, any legal entity, other than banks, microfinance institutions, and the National Post Office, approved by the Central Bank to issue and manage, as a habitual profession, e-money.

These activities are limited to: i. the issuance of e-money; ii. the making available of e-money to the public; iii. the management of e-money.

b. Payment Institution for Fund Transmission, Subject Institution, other than banks, microfinance institutions, and the National Post Office, approved to exercise money transfer services at the local and/or international level;

c. Payment Institution Providing a Payment Platform, legal entity, approved by the Central Bank to provide a payment platform. Qualified as an aggregator, it allows companies to process bank card payments and mobile transactions, without having to open a merchant account with a bank or a card network;

  1. Unique Identifier, a combination of letters, numbers, or symbols attributed to the payment service user by the payment institution, which the payment service user must provide to allow, alternatively or cumulatively, the certain identification of the other payment service user and their payment account for the payment operation;
  2. Interoperability, the capacity possessed by an e-money issuance and distribution system, whose interfaces are fully known, to function with other existing or future systems and to share information, and this, without access restrictions;
  3. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  4. Payment Instrument, alternatively or cumulatively, any personalized device and the set of procedures agreed upon between the payment service user and the issuer, to which the payment service user resorts to give a payment order;
  5. Business Day, a day from which the payment institution or the payer's or beneficiary's credit institution exercises an activity allowing the execution of payment operations;
  6. Banking Law, Law No. 1/17 of August 22, 2017, governing banking activities;

  1. E-Money, a claim on the issuer represented by a monetary value, which is: a. stored in electronic form, b. issued against the handover of funds of an amount whose value cannot be less than the monetary value issued for payment operations, c. accepted as a means of payment by third parties other than the issuer of e-money, d. convertible into cash;

  2. Payment Means, instruments such as checks, bills of exchange, promissory notes, e-money stored on a prepaid card or on a server, transfers, direct debits, credit and debit cards, or any other means allowing persons to give a payment order;

  1. User, the natural or legal person who uses payment services;
  2. Payment Service, any service enabling the execution of a payment operation, including: a. the services allowing cash to be placed on a payment account and/or the cashing of checks or other negotiable instruments payable to bearer and drawn on a payment institution; b. the execution of payment transactions, including transfers, direct debits, and payment cards; c. the issuance of payment instruments and/or the acquisition of commitments to pay; d. the provision of payment accounts;
  3. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds, regardless of any underlying contractual relationship between the payer and the payee;
  4. Payer, the natural or legal person who authorizes a payment operation;
  5. Payment Initiation Service, any service consisting of initiating a payment order at the request of the payment service user, with a view to crediting a payment account of the payment service user or another payment service user;
  6. Account Information Service, any service consisting of providing on-line information on one or more payment accounts held by the payment service user with one or more payment institutions;
  7. Money Transfer, any operation in which funds are placed by an initiator at the disposal of a beneficiary, by a payment institution or other entity other than the beneficiary's payment institution, on the basis of a payment order;
  8. Electronic Money, a monetary value, represented by a claim on the issuer, which is: a. stored in electronic or magnetic form; b. issued against the handover of funds for the purpose of making payment transactions; c. accepted by a natural or legal person other than the issuer of e-money;
  9. E-Money with Restricted Acceptance, e-money whose acceptance is limited to the purchase of goods and services from the issuer or from a limited network of merchants;
  10. Mobile Payment Service, any service enabling the execution of a payment operation via a mobile device;
  11. Fund Transmission, any operation in which funds are placed by an initiator at the disposal of a beneficiary, by a payment institution or other entity other than the beneficiary's payment institution, on the basis of a payment order;
  12. Electronic Fund Transfer, any operation in which funds are transferred electronically from one account to another;
  13. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services as defined in this Regulation;
  14. Credit Institution, a bank or a financial institution;
  15. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  16. National Post Office, the public establishment responsible for postal services and financial services;
  17. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  18. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  19. Payment Service, any service enabling the execution of a payment operation;
  20. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  21. Payer, the natural or legal person who authorizes a payment operation;
  22. Payee, the natural or legal person who is the recipient of funds;
  23. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  24. Credit Institution, a bank or a financial institution;
  25. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  26. National Post Office, the public establishment responsible for postal services and financial services;
  27. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  28. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  29. Payment Service, any service enabling the execution of a payment operation;
  30. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  31. Payer, the natural or legal person who authorizes a payment operation;
  32. Payee, the natural or legal person who is the recipient of funds;
  33. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  34. Credit Institution, a bank or a financial institution;
  35. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  36. National Post Office, the public establishment responsible for postal services and financial services;
  37. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  38. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  39. Payment Service, any service enabling the execution of a payment operation;
  40. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  41. Payer, the natural or legal person who authorizes a payment operation;
  42. Payee, the natural or legal person who is the recipient of funds;
  43. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  44. Credit Institution, a bank or a financial institution;
  45. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  46. National Post Office, the public establishment responsible for postal services and financial services;
  47. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  48. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  49. Payment Service, any service enabling the execution of a payment operation;
  50. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  51. Payer, the natural or legal person who authorizes a payment operation;
  52. Payee, the natural or legal person who is the recipient of funds;
  53. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  54. Credit Institution, a bank or a financial institution;
  55. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  56. National Post Office, the public establishment responsible for postal services and financial services;
  57. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  58. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  59. Payment Service, any service enabling the execution of a payment operation;
  60. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  61. Payer, the natural or legal person who authorizes a payment operation;
  62. Payee, the natural or legal person who is the recipient of funds;
  63. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  64. Credit Institution, a bank or a financial institution;
  65. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  66. National Post Office, the public establishment responsible for postal services and financial services;
  67. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  68. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  69. Payment Service, any service enabling the execution of a payment operation;
  70. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  71. Payer, the natural or legal person who authorizes a payment operation;
  72. Payee, the natural or legal person who is the recipient of funds;
  73. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  74. Credit Institution, a bank or a financial institution;
  75. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  76. National Post Office, the public establishment responsible for postal services and financial services;
  77. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  78. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  79. Payment Service, any service enabling the execution of a payment operation;
  80. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  81. Payer, the natural or legal person who authorizes a payment operation;
  82. Payee, the natural or legal person who is the recipient of funds;
  83. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  84. Credit Institution, a bank or a financial institution;
  85. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  86. National Post Office, the public establishment responsible for postal services and financial services;
  87. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  88. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  89. Payment Service, any service enabling the execution of a payment operation;
  90. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  91. Payer, the natural or legal person who authorizes a payment operation;
  92. Payee, the natural or legal person who is the recipient of funds;
  93. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  94. Credit Institution, a bank or a financial institution;
  95. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  96. National Post Office, the public establishment responsible for postal services and financial services;
  97. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  98. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  99. Payment Service, any service enabling the execution of a payment operation;
  100. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  101. Payer, the natural or legal person who authorizes a payment operation;
  102. Payee, the natural or legal person who is the recipient of funds;
  103. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  104. Credit Institution, a bank or a financial institution;
  105. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  106. National Post Office, the public establishment responsible for postal services and financial services;
  107. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  108. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  109. Payment Service, any service enabling the execution of a payment operation;
  110. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  111. Payer, the natural or legal person who authorizes a payment operation;
  112. Payee, the natural or legal person who is the recipient of funds;
  113. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  114. Credit Institution, a bank or a financial institution;
  115. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  116. National Post Office, the public establishment responsible for postal services and financial services;
  117. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  118. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  119. Payment Service, any service enabling the execution of a payment operation;
  120. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  121. Payer, the natural or legal person who authorizes a payment operation;
  122. Payee, the natural or legal person who is the recipient of funds;
  123. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  124. Credit Institution, a bank or a financial institution;
  125. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  126. National Post Office, the public establishment responsible for postal services and financial services;
  127. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  128. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  129. Payment Service, any service enabling the execution of a payment operation;
  130. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  131. Payer, the natural or legal person who authorizes a payment operation;
  132. Payee, the natural or legal person who is the recipient of funds;
  133. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  134. Credit Institution, a bank or a financial institution;
  135. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  136. National Post Office, the public establishment responsible for postal services and financial services;
  137. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  138. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  139. Payment Service, any service enabling the execution of a payment operation;
  140. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  141. Payer, the natural or legal person who authorizes a payment operation;
  142. Payee, the natural or legal person who is the recipient of funds;
  143. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  144. Credit Institution, a bank or a financial institution;
  145. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  146. National Post Office, the public establishment responsible for postal services and financial services;
  147. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  148. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  149. Payment Service, any service enabling the execution of a payment operation;
  150. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  151. Payer, the natural or legal person who authorizes a payment operation;
  152. Payee, the natural or legal person who is the recipient of funds;
  153. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  154. Credit Institution, a bank or a financial institution;
  155. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  156. National Post Office, the public establishment responsible for postal services and financial services;
  157. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  158. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  159. Payment Service, any service enabling the execution of a payment operation;
  160. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  161. Payer, the natural or legal person who authorizes a payment operation;
  162. Payee, the natural or legal person who is the recipient of funds;
  163. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  164. Credit Institution, a bank or a financial institution;
  165. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  166. National Post Office, the public establishment responsible for postal services and financial services;
  167. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  168. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  169. Payment Service, any service enabling the execution of a payment operation;
  170. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  171. Payer, the natural or legal person who authorizes a payment operation;
  172. Payee, the natural or legal person who is the recipient of funds;
  173. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  174. Credit Institution, a bank or a financial institution;
  175. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  176. National Post Office, the public establishment responsible for postal services and financial services;
  177. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  178. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  179. Payment Service, any service enabling the execution of a payment operation;
  180. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  181. Payer, the natural or legal person who authorizes a payment operation;
  182. Payee, the natural or legal person who is the recipient of funds;
  183. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  184. Credit Institution, a bank or a financial institution;
  185. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  186. National Post Office, the public establishment responsible for postal services and financial services;
  187. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  188. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  189. Payment Service, any service enabling the execution of a payment operation;
  190. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  191. Payer, the natural or legal person who authorizes a payment operation;
  192. Payee, the natural or legal person who is the recipient of funds;
  193. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  194. Credit Institution, a bank or a financial institution;
  195. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  196. National Post Office, the public establishment responsible for postal services and financial services;
  197. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  198. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  199. Payment Service, any service enabling the execution of a payment operation;
  200. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  201. Payer, the natural or legal person who authorizes a payment operation;
  202. Payee, the natural or legal person who is the recipient of funds;
  203. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  204. Credit Institution, a bank or a financial institution;
  205. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  206. National Post Office, the public establishment responsible for postal services and financial services;
  207. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  208. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  209. Payment Service, any service enabling the execution of a payment operation;
  210. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  211. Payer, the natural or legal person who authorizes a payment operation;
  212. Payee, the natural or legal person who is the recipient of funds;
  213. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  214. Credit Institution, a bank or a financial institution;
  215. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  216. National Post Office, the public establishment responsible for postal services and financial services;
  217. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  218. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  219. Payment Service, any service enabling the execution of a payment operation;
  220. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  221. Payer, the natural or legal person who authorizes a payment operation;
  222. Payee, the natural or legal person who is the recipient of funds;
  223. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  224. Credit Institution, a bank or a financial institution;
  225. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  226. National Post Office, the public establishment responsible for postal services and financial services;
  227. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  228. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  229. Payment Service, any service enabling the execution of a payment operation;
  230. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  231. Payer, the natural or legal person who authorizes a payment operation;
  232. Payee, the natural or legal person who is the recipient of funds;
  233. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  234. Credit Institution, a bank or a financial institution;
  235. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  236. National Post Office, the public establishment responsible for postal services and financial services;
  237. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  238. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  239. Payment Service, any service enabling the execution of a payment operation;
  240. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  241. Payer, the natural or legal person who authorizes a payment operation;
  242. Payee, the natural or legal person who is the recipient of funds;
  243. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  244. Credit Institution, a bank or a financial institution;
  245. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  246. National Post Office, the public establishment responsible for postal services and financial services;
  247. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  248. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  249. Payment Service, any service enabling the execution of a payment operation;
  250. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  251. Payer, the natural or legal person who authorizes a payment operation;
  252. Payee, the natural or legal person who is the recipient of funds;
  253. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  254. Credit Institution, a bank or a financial institution;
  255. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  256. National Post Office, the public establishment responsible for postal services and financial services;
  257. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  258. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  259. Payment Service, any service enabling the execution of a payment operation;
  260. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  261. Payer, the natural or legal person who authorizes a payment operation;
  262. Payee, the natural or legal person who is the recipient of funds;
  263. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  264. Credit Institution, a bank or a financial institution;
  265. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  266. National Post Office, the public establishment responsible for postal services and financial services;
  267. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  268. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  269. Payment Service, any service enabling the execution of a payment operation;
  270. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  271. Payer, the natural or legal person who authorizes a payment operation;
  272. Payee, the natural or legal person who is the recipient of funds;
  273. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  274. Credit Institution, a bank or a financial institution;
  275. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  276. National Post Office, the public establishment responsible for postal services and financial services;
  277. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  278. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  279. Payment Service, any service enabling the execution of a payment operation;
  280. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  281. Payer, the natural or legal person who authorizes a payment operation;
  282. Payee, the natural or legal person who is the recipient of funds;
  283. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  284. Credit Institution, a bank or a financial institution;
  285. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  286. National Post Office, the public establishment responsible for postal services and financial services;
  287. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  288. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  289. Payment Service, any service enabling the execution of a payment operation;
  290. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  291. Payer, the natural or legal person who authorizes a payment operation;
  292. Payee, the natural or legal person who is the recipient of funds;
  293. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  294. Credit Institution, a bank or a financial institution;
  295. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  296. National Post Office, the public establishment responsible for postal services and financial services;
  297. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  298. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  299. Payment Service, any service enabling the execution of a payment operation;
  300. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  301. Payer, the natural or legal person who authorizes a payment operation;
  302. Payee, the natural or legal person who is the recipient of funds;
  303. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  304. Credit Institution, a bank or a financial institution;
  305. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  306. National Post Office, the public establishment responsible for postal services and financial services;
  307. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  308. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  309. Payment Service, any service enabling the execution of a payment operation;
  310. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  311. Payer, the natural or legal person who authorizes a payment operation;
  312. Payee, the natural or legal person who is the recipient of funds;
  313. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  314. Credit Institution, a bank or a financial institution;
  315. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  316. National Post Office, the public establishment responsible for postal services and financial services;
  317. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  318. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  319. Payment Service, any service enabling the execution of a payment operation;
  320. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  321. Payer, the natural or legal person who authorizes a payment operation;
  322. Payee, the natural or legal person who is the recipient of funds;
  323. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  324. Credit Institution, a bank or a financial institution;
  325. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  326. National Post Office, the public establishment responsible for postal services and financial services;
  327. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  328. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  329. Payment Service, any service enabling the execution of a payment operation;
  330. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  331. Payer, the natural or legal person who authorizes a payment operation;
  332. Payee, the natural or legal person who is the recipient of funds;
  333. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  334. Credit Institution, a bank or a financial institution;
  335. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  336. National Post Office, the public establishment responsible for postal services and financial services;
  337. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  338. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  339. Payment Service, any service enabling the execution of a payment operation;
  340. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  341. Payer, the natural or legal person who authorizes a payment operation;
  342. Payee, the natural or legal person who is the recipient of funds;
  343. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  344. Credit Institution, a bank or a financial institution;
  345. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  346. National Post Office, the public establishment responsible for postal services and financial services;
  347. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  348. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  349. Payment Service, any service enabling the execution of a payment operation;
  350. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  351. Payer, the natural or legal person who authorizes a payment operation;
  352. Payee, the natural or legal person who is the recipient of funds;
  353. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  354. Credit Institution, a bank or a financial institution;
  355. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  356. National Post Office, the public establishment responsible for postal services and financial services;
  357. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  358. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  359. Payment Service, any service enabling the execution of a payment operation;
  360. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  361. Payer, the natural or legal person who authorizes a payment operation;
  362. Payee, the natural or legal person who is the recipient of funds;
  363. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  364. Credit Institution, a bank or a financial institution;
  365. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  366. National Post Office, the public establishment responsible for postal services and financial services;
  367. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  368. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  369. Payment Service, any service enabling the execution of a payment operation;
  370. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  371. Payer, the natural or legal person who authorizes a payment operation;
  372. Payee, the natural or legal person who is the recipient of funds;
  373. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  374. Credit Institution, a bank or a financial institution;
  375. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  376. National Post Office, the public establishment responsible for postal services and financial services;
  377. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  378. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  379. Payment Service, any service enabling the execution of a payment operation;
  380. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  381. Payer, the natural or legal person who authorizes a payment operation;
  382. Payee, the natural or legal person who is the recipient of funds;
  383. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  384. Credit Institution, a bank or a financial institution;
  385. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  386. National Post Office, the public establishment responsible for postal services and financial services;
  387. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  388. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  389. Payment Service, any service enabling the execution of a payment operation;
  390. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  391. Payer, the natural or legal person who authorizes a payment operation;
  392. Payee, the natural or legal person who is the recipient of funds;
  393. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  394. Credit Institution, a bank or a financial institution;
  395. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  396. National Post Office, the public establishment responsible for postal services and financial services;
  397. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  398. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  399. Payment Service, any service enabling the execution of a payment operation;
  400. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  401. Payer, the natural or legal person who authorizes a payment operation;
  402. Payee, the natural or legal person who is the recipient of funds;
  403. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  404. Credit Institution, a bank or a financial institution;
  405. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  406. National Post Office, the public establishment responsible for postal services and financial services;
  407. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  408. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  409. Payment Service, any service enabling the execution of a payment operation;
  410. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  411. Payer, the natural or legal person who authorizes a payment operation;
  412. Payee, the natural or legal person who is the recipient of funds;
  413. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  414. Credit Institution, a bank or a financial institution;
  415. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  416. National Post Office, the public establishment responsible for postal services and financial services;
  417. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  418. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  419. Payment Service, any service enabling the execution of a payment operation;
  420. Payment Operation, any act, initiated by the payer or the payee, of placing, transferring, or withdrawing funds;
  421. Payer, the natural or legal person who authorizes a payment operation;
  422. Payee, the natural or legal person who is the recipient of funds;
  423. Payment Institution, any legal entity, other than the Public Treasury, the Central Bank, a credit institution, the National Post Office, or a microfinance institution, which is approved by the Central Bank to provide, as a habitual profession, payment services;
  424. Credit Institution, a bank or a financial institution;
  425. Microfinance Institution, an entity approved by the Central Bank to exercise the activity of microfinance in Burundi;
  426. National Post Office, the public establishment responsible for postal services and financial services;
  427. Commercial Agent, any person acting on behalf and for the account of the subject institutions;
  428. Subject Institution, any institution approved by the Central Bank to carry out one or more banking activities;
  429. Payment Service, any service enabling the execution of a payment operation;
  430. Payment Operation, any act, initiated by the payer or the payee, of placing
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