AmendmentFintech

Fees for National Bank’s Payment System Oversight, Licensing, and Authorization Services (Directive No. 944/2022)

National Bank Of Ethiopia944/2022

Summary

This directive establishes new and revised fees for the National Bank of Ethiopia's payment system oversight, licensing, and authorization services for payment instrument issuers and payment system operators.

Who's affected

Entities licensed or authorized by the National Bank of Ethiopia to act as payment instrument issuers or payment system operators, including banks, microfinance institutions, and national switches.

Action required

Payment instrument issuers and payment system operators must review the new fee structure and ensure timely payment for licensing, renewal, and oversight services.

Key points

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  • Establishes new and revised fees for payment system oversight, licensing, and authorization.
  • Applies to all payment instrument issuers and payment system operators licensed or authorized by the National Bank.
  • Specifies different fee categories based on license type (investigation, licensing, renewal, authorization) and operator/issuer size (big, medium, small).
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    • Repeals specific sub-articles from Directives No. 313/2020 and No. 314/2020.
    • Effective date is October 3, 2022.

Requirements

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  • Payment instrument issuers and national switches applying for a new license must pay an investigation fee of Birr 100,000 and a licensing fee of Birr 300,000.
  • Payment system operators (excluding national switches) applying for a new license must pay an investigation fee of Birr 20,000 and a licensing fee of Birr 30,000.
  • Payment instrument issuers and national switches applying for license renewal must pay an annual renewal fee of Birr 200,000.
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    • Payment system operators (excluding national switches) applying for license renewal must pay an annual renewal fee of Birr 30,000.
    • Banks or microfinance institutions applying for authorization as a payment instrument issuer must pay an authorization fee of Birr 50,000.
    • Big payment instrument issuers or national switches must pay an annual oversight fee of Birr 1,000,000.
    • Medium payment instrument issuers must pay an annual oversight fee of Birr 750,000.
    • Small payment instrument issuers must pay an annual oversight fee of Birr 500,000.
    • Big payment system operators (excluding national switches) must pay an annual oversight fee of Birr 200,000.
    • Medium payment system operators (excluding national switches) must pay an annual oversight fee of Birr 150,000.
    • Small payment system operators (excluding national switches) must pay an annual oversight fee of Birr 100,000.

Rights and permissions

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  • Right to obtain a license for payment system operation or payment instrument issuance upon payment of prescribed fees.
  • Right to renew business licenses upon payment of prescribed fees.
  • Right to be authorized as a payment instrument issuer upon payment of prescribed fees.

Restrictions

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  • Entities must be licensed or authorized by the National Bank to operate as payment instrument issuers or payment system operators.
  • Fees must be paid for new licenses, renewals, and ongoing oversight.

Objectives

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  • To improve the National Bank's service quality.
  • To revise existing fees and introduce new ones for payment system oversight, licensing, and authorization services.

Organizations

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  • National Bank of Ethiopia

Legal references

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  • National Payment System Proclamation No. 718/2011, Article 30
  • National Payment System Proclamation No. 718/2011, Article 37(2)
  • Licensing and Authorization of Payment System Operators Directive. No.313/2020, Sub-articles 4.8 and 4.24
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    • Licensing and Authorization of Payment instrument issuers Directive No.314/2020, Article 4, Sub-articles 4.8 and 4.23
Original sourcehttps://justice.gov.et/en/directives/fees-for-national-banks-payment-system-oversight-licensing-and-authorization-services-directive-no-944-2022/
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