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
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