Ethiopia: National Bank rule on licensing and authorisation of payment instrument issuers (Directive No. ONPS/01/2020) entered into force

On 2 October 2020, the National Bank of Ethiopia (NBE)'s Licensing and Authorisation of Payment Instrument Issuers Directive No. ONPS/01/2020 entered into force. This directive repealed the Regulation of Mobile and Agent Banking Services Directive No. FIS/01/2012 and replaced it. The directive established regulatory requirements for entities issuing electronic money, including licensing criteria, account management systems, transaction security measures, and customer due diligence. It required ongoing oversight, regular reporting, and compliance with interoperability standards, while also specifying conditions for limited-use payment instruments and penalties for non-compliance.