Practical Application of Payment Systems Oversight & Infrastructure in Rwanda
This content outlines the legal framework, infrastructure developments, and institutional arrangements regarding payment systems oversight in Rwanda. It covers the responsible authority, regulations, modernization efforts, mobile network operators, and the organizational structure of the National Bank of Rwanda. The presentation provides insights into challenges and the way forward in enhancing payment system operations and oversight.
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Presentation Transcript
Payment Systems Oversight approach Regional Workshop on practical application of payment systems operations & oversight 16thOctober, 2017
Presentation Outline Current legal and regulatory framework; Infrastructure developments; Institutional arrangements; Coordination and cooperation with other regulators; Challenges; Way forward.
Current legal and regulatory framework Responsible authority: The National Bank of Rwanda (BNR); Oversight mandate: The Central Bank Act 2007; The NPS Act 2010. Regulations: Payment Service Providers Regulation; Regulation relating to the licensing criteria of operating payment and securities settlement systems; Regulation on the licensing participants in central securities depository and the protection of securities holders Regulation governing e-money issuers; Systems rules and procedures; requirements for
Infrastructure developments The payment system modernization in Rwanda recorded important changes : In 2005 with the introduction of payment cards (local and international cards); 2010 with the introduction of mobile money services; In 2011 with the implementation of Rwanda Integrated Payment Processing System(RIPPS) encompassing ACH, RTGS and CSD, all three running on the same platform. RIPPS interaction with other systems EAPS REPPS
Infrastructure developments (Cont ) Three Mobile Network Operators (MNOs) are licensed by the Central Bank: MTN, Tigo & Airtel. All MNOs are authorized to provide cross border mobile payments. MNO MTN PARTNER COMPANY Vodacom, Safaricom, MTN Uganda, MTN Zambia, Small World, World Remit, Western Union. Tigo Tanzania, World Remit DRC, Niger, Malawi, Zambia, Tanzania, Kenya, Congo Brazzaville, Ghana. TIGO AIRTEL
Institutional arrangements BNR Organizational Structure Board of Directors Governor Vice Governor DG, Financial Stability Financial Stability monitoring & policy Non Bank Supervision (Insurance) Bank MFI Payment System Department Supervision Supervision
Coordination and cooperation with other regulators MoU between BNR and Rwanda Utility Regulatory Agency (RURA). MoU between BNR and Capital Market Authority (CMA). BNR also cooperates with other central banks with regard to the oversight of EAPS and REPSS and other payment services provision through information sharing.
Challenges Technology regulation; Low skills on oversight of new technologies; Low public awareness; Different legal requirements for cross border transactions; being ahead of
Way Forward Enhance cooperation with foreign regulators; Enforce consumer protection measures; Regular monitoring operations and onsite visits; of
