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National Payment System

MINIMUM REQUIREMENTS FOR A RETAIL SERVICE PAYMENT SYSTEMS PROVIDER

Entities or individuals wishing to register and operate a payment systems and offering such products and services should comply with the RBZ Act [22:15], NPS Act [Chap24:23], Banking Act [24:20], BUP and SML Act [Chap24:24].

Below are a summary of the minimum requirements that should be provided by or through the partnering regulated banking institution and fulfilled before conducting any operation.

 

1. Corporate Governance Issues

a. Ownership structure

b. Memorandum and Articles of Association.

c. Adequate Capital

d. Clearance and net worth statements for directors

e. Director clearance by Police and credit rating bureau

f. Organizational structure

g. Board and Senior Management profiles

 

2. Business Plan

a. Objectives and mission statement

b. Business case

c. System Technology / The system functionalities/process  flow

d. Market Analysis

e. Financials

f. Viability and projections

 

3. Comprehensive Risk Management Framework

a. Identify all pertinent risk

b. Measurement

c. Mitigating measures

d. Transactions limits

 

4. Agreements

a. Service level agreements

b. Contractual agreements with third parties signed

 

5. Clearing and Settlement Modalities

a. Clearing arrangements

b. Settlement procedures and processes

c. Collateral

d. Rules and procedures

e. Third party entry and access criteria

 

6. Board approved Policies and Procedures

a. Pricing policy

b. Conflict resolution policy

c. Customer protection issues

d. Customer due diligence procedures

e. Anti-money laundering policy

 

7. Systems Integrity and Audit Report

a. System design and architecture

b. System providers

c. Capacity and reliability of the system

 

NB. In addition, no pilot tests or live launch or advertisements of the product should be done without the requisite regulatory approval.

 

 

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© 2015

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