1. Payment Systems Oversight approach 16th October, 2017
Regional Workshop on practical application of payment systems operations & oversight

2. Presentation Outline Current legal and regulatory framework;
Infrastructure developments;
Institutional arrangements;
Coordination and cooperation with other regulators;
Challenges;
Way forward.

3. Current legal and regulatory framework
Responsible authority: The National Bank of Rwanda (BNR);
Oversight mandate:
The Central Bank Act 2007;
The NPS Act 2010.
Regulations:
Payment Service Providers Regulation;
Regulation relating to the licensing criteria of operating payment and securities settlement systems;
Regulation on the licensing requirements for participants in central securities depository and the protection of securities holders
Regulation governing e-money issuers;
Systems rules and procedures;

4. Infrastructure developments
The payment system modernization in Rwanda recorded important changes :
In 2005 with the introduction of payment cards (local and international cards);
2010 with the introduction of mobile money services;
In 2011 with the implementation of Rwanda Integrated Payment Processing System(RIPPS) encompassing ACH, RTGS and CSD, all three running on the same platform.
RIPPS interaction with other systems
EAPS
REPPS

5. Infrastructure developments (Cont’)
Three Mobile Network Operators (MNOs) are licensed by the Central Bank: MTN, Tigo & Airtel.
All MNOs are authorized to provide cross border mobile payments.
MNO
PARTNER COMPANY
MTN
Vodacom, Safaricom, MTN Uganda, MTN Zambia, Small World, World Remit, Western Union.
TIGO
Tigo Tanzania, World Remit
AIRTEL
DRC, Niger, Malawi, Zambia, Tanzania, Kenya, Congo Brazzaville, Ghana.

6. Institutional arrangements
BNR Organizational Structure
Board of Directors
Governor
Vice Governor
DG, Financial Stability
Bank Supervision
MFI Supervision
Payment System Department
Non Bank Supervision (Insurance)
Financial Stability monitoring & policy

7. Coordination and cooperation with other regulators
MoU between BNR and Rwanda Utility Regulatory Agency (RURA).
MoU between BNR and Capital Market Authority (CMA).
BNR also cooperates with other central banks with regard to the oversight of EAPS and REPSS and other payment services provision through information sharing.

8. Challenges Technology being ahead of regulation;
Low skills on oversight of new technologies;
Low public awareness;
Different legal requirements for cross border transactions;

9. Way Forward Enhance cooperation with foreign regulators;
Enforce consumer protection measures;
Regular monitoring of operations and onsite visits;