Operators of the National Payment System will now have five days to notify the Bank of Mozambique (BdM) of any risk of insolvency or inability to meet their financial obligations. This change is part of the proposal to revise the National Payments System Law, which was recently released by the Central Bank to receive more contributions.
In addition, according to the same proposal, the system’s operators will have the same period to communicate about impediments, obstructions or limitations to access to the infrastructures used in their activities, as well as changes to the composition of governing bodies, business plans, procedures and service offerings.
These communications, now mandatory within a five-day period, are part of the BdM’s efforts, as the authority of the National Payment System, to mitigate credit and liquidity risks. A significant difference with the previous law is that it only referred to the duty to communicate to the BdM the information it considered necessary for verification, such as the degree of liquidity and solvency, the risks incurred and the security processes.
The proposal, which substantially changes the composition of the current law, also includes credit institutions, financial companies, settlement agents and central counterparties in the article on stakeholders.
On the other hand, the National Payment System Coordination Committee will include credit institutions, the Mozambican Association of Payment Service Providers and the National Institute of Information and Communication Technologies. Its competences include improving or modernizing the system, approving studies, suggestions or recommendations for the development of the NPS and carrying out all the acts necessary for the pursuit of its competences.
The Bank of Mozambique is publicly collecting subsidies and comments to contribute to the general improvement of the law, a process that will last until the 9th of next month.
