BoB electronic money regulations gather pace

In a statement last week, the central bank said the amendments came into effect on April 2 and were introduced in response to developments in EPS and Money or Value Transfer Services (MVTS) sector, as well as broader changes within the national payments systems. The regulations align the regulatory framework with the re‐enacted Financial Intelligence Act, 2022 and the related subsidiary legislation and the Bank of Botswana (Amendment) Act, 2022, while also addressing relevant Financial Action Task Force (FATF) requirements, as well as operational, supervisory and regulatory challenges raised by industry stakeholders. Key amendments include greater clarity regarding the entities that may be licensed to offer EPS in Botswana, adjustment of penalties to align with broader financial crime legislative framework as well as the introduction of interest-bearing electronic‐money balances to support product innovation while maintaining prudential safeguards.

The BoB says the change is intended to support product innovation, while maintaining prudential safety guards. ‘The strongest bond of human sympathy outside the family relation should be one uniting working people of all nations and tongues and kindreds’.- Abraham LincolnUntil then, the Council’s operations remain suspended, delaying critical decisions affecting thousands of public sector employees.The current standoff is between the Manual Workers Union on one side and the Six Cooperating Trade Unions, namely BONU, BOPEU, BTU, BDU, BOSETU and…