Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia 12.0 CLEARING & SETTLEMENT 12.1 The roles and responsibilities of the concerned parties (licensed institutions) pertaining to the processing, clearing and settlement of transactions must be governed under relevant contracts/agreements signed by each party and submitted to the CBL for review. 12.2 Transactions processed by all e-payment service providers outside their own network or through other institution’s system shall be processed by the National Electronic Payment Switch (NEPS) and settled through the Real Time Gross Settlement System (RTGS) held at the CBL. 13.0 EXCLUSIVITY AGREEMENTS 13.1 There shall be no form of exclusivity in any area of payment service including but not limited to issuing, acquiring, processing, and sale and maintenance of hardware and software. Any payment service provider that contravenes this policy may be suspended 14.0 FEES AND CHARGES 14.1 The Central Bank shall be notified and shall approve of fees and charges as well as changes to all fees and charges concerning electronic payment products and services. 14.2 These fees may be reviewed and amended by the Central Bank of Liberia from time to time. 15.0 MERGER & ACQUISITION 15.1 No e-payment service provider or e-payment service operator shall be acquired or form merger without written notification and approval of the Central Bank of Liberia. 16.0 RISK MANAGEMENT 16.1 In addition to the recommended risk management measures set forth herein, each e-payments service provider shall implement the relevant risk management controls that commensurate with the risk appetite associated with the electronic payment product or scheme it adopted. 16.2 All e-payment service providers shall institute adequate risk control measures to manage risks of liability to customers on account of breach of secrecy, denial of service because of hacking/other technological failures. 16.3 All e-payment service providers are required to on an ongoing basis conduct risk assessment of their existing and new customers. 13