CB sets record straight on NPP

The Central Bank said yesterday that the proposed National Payment Plan or any other payment platform, such should be regulated as done in other parts of the world.

In response to various news reports in the media, the Central Bank yesterday issued a detailed release in order to provide what the monetary authority called a “holistic understanding of the prevailing situation” with regards to the proposed NPP.

The Central Bank stressed it fully supports innovation and the digitization of the economy. “However, it is also important to adhere to the prevailing regulations in order to maintain and promote a secure, efficient and effective payment system environment for the long term sustainable development of the nation,” the Central Bank said.

The monetary authority also said it cannot comment on the viability of the proposed NPP because there has been no response to-date from the Information and Communication Technology Agency (ICTA) over the concerns raised by the Central Bank.
(See full statement on Page 6)