Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia PART I 1.0 PRELIMINARY INTRODUCTION These Regulations have been issued by the Central Bank of Liberia (CBL) pursuant to the Payment System Act of Liberia and Part II, section 4 of the CBL Act 1999, which empowers the CBL to regulate, monitor and supervise the payment, clearing and settlement system including all products and services thereof issued by any bank, non-bank financial institutions. The Central Bank of Liberia has the duty to promote and facilitate the development of a safe, efficient systems and create an enabling environment for large value and retail payments mechanism in the national payment system and ensure that high standards are maintained in the conduct and management of the risk in the operations of electronic payment schemes and products. 2.0 SCOPE These regulations shall apply to all banks and non-bank financial institutions and to any other entities duly authorized by the Central Bank and intending to provide electronic payment services, including by the issuance of epayment products or schemes. These regulations shall also establish standards for third-party e-payment service providers or operators of e-payment systems. 3.0 TITLE These Regulations may be cited as Regulations No. CBL/RSD/xxx/2019 Regulations Concerning the Licensing and Operations of Electronic Payment (e-Payment) Services. 4.0 OBJECTIVES These Regulations are set out by the Central Bank of Liberia to achieve the following objectives: i. Provide guidance to licensed institutions on recommended principles and sound practices for managing risks in their provision of e-payment services, including the management of e-payment products or schemes, as well as to provide guidance to third party service providers and operators to provide services and operate electronic channels in accordance with such principles. II. Promote financial inclusion without risking the safety and soundness of the financial system; and address issues that, though peculiar to 4

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