IT is hereby notified that the Minister of Finance and Economic Development has, in terms of section 81 of the Banking Act [Chapter 24:20], made the following regulations:—
1. These regulations may be cited as the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, 2020.
2. In these regulations, except where the context requires otherwise—
“clearing” means the exchange by financial institutions of payment instructions;
“interoperability” for the purposes of these regulations means a seamless transfer of money between two accounts at different payment systems or the transfer of money between mobile money accounts and bank accounts;
“mobile banking” shall have the meaning referred to it in the Banking Act [Chapter 24:20], and mobile banking provider shall be construed accordingly;
“mobile money wallet” means an account on the mobile money provider’s network with the funds held in the mobile money provider’s trust bank account.
“money transmission provider” means any person who owns a payment system that facilitates the transmission of monies from one person to another;
“payment system” means a system which enables the process of money transfer and exchange of money for goods and services, including the clearing, netting and settlement of payment obligations between two or more parties;
“netting” means the determination of—