Payment Services Within CEMAC : stakeholders Learn Innovative Regulations

Officials of banking institutions operating within the Central African Monetary and Economic Community, CEMAC, have gotten abreast with fresh rules related to diverse payment services (mobile payment, bank transfers, prepaid cards, direct deposits…) and should logically henceforth provide improved services to multifaceted customers seeking their services daily. Innovative rules related to better control and surveillance of banking operations within the sub region, drafted by the Central African Banking Commission, in view of modernizing the sector for the good of customers and the entire sub regional economies, were explained in detail to the respective officials of banking institutions in a workshop for better implementation on the field. In a speech during the opening ceremony in N’Djamena yesterday, the Governor of the Bank for Central African States (BEAC), Abbas Mahamat Tolli, who doubles as the Chairman of COBAC said the desire to modernize the banking operation in the sub region, combat money laundry and limit the financing of terrorism pushed COBAC to undertake the reforms. Reason why he said, its implementation should be rigorous. Technological innovations that ignited metamorphosis in the configuration of payment systems within the banks,  Mr Tolli noted, have not left any sector indifferent and there was no way COBAC, the gendarme of the sub regional banking institutions, could remain in the old school especially with  innovative mobile banking which the Governor of BEAC said has developed so fast in recent years. Thus, the need to revise the 2003 and 2011 laws related to payment services within CEMAC so as to align with the innovation.
What Has Changed?
The innovative regulation under vulgarization at the N’Djamena workshop clarifies the roles and respon...