Payment Systems (Interoperability of Retail Payment Systems) Directive of 2017

The major objective of the Payment Systems Interoperability Directive of 2017 is to provide mandatory requirements for relevant financial institutions to achieve efficient interoperability. These institutions include banks, mobile network operators, the Natswitch switch and all other payment service providers offering auto-teller machines, point of sale devices, mobile payments, internet based payments and any other payment service providers the Reserve Bank of Malawi may determine.

It is mandated for the financial institutions to place necessary infrastructure for interoperability. The Reserve Bank of Malawi holds the ultimate authority to validate, and supervise the applicable financial institutions above.

The Directive explains requirements and arrangements for interoperability, and the responsibility to report to the Reserve Bank of Malawi. Disputes and the resolution mechanisms are covered in Part VI. Any financial institution contravening the Directive may face both monetary and administrative penalties.

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Issue Status: 
Year of Document: 
2017
Date of Document: 
Friday, September 15, 2017

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.