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REFORMS IN THE RWANDAN PAYMENT SYSTEMS

REFORMS IN THE RWANDAN PAYMENT SYSTEMS. Consultative Forum- African Institute for Remittances Addis Ababa,Ethiopia 6 th -8 th July 2011. Content. Reforms Key Success Factors Lessons for others. The Reforms. Governance The Legal Framework The infrastructure. Governance.

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REFORMS IN THE RWANDAN PAYMENT SYSTEMS

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  1. REFORMS IN THE RWANDAN PAYMENT SYSTEMS Consultative Forum- African Institute for RemittancesAddis Ababa,Ethiopia6th -8th July 2011

  2. Content • Reforms • Key Success Factors • Lessons for others

  3. The Reforms • Governance • The Legal Framework • The infrastructure

  4. Governance • 2002, a payment systems modernization unit was set up • In 2003, a stock taking exercise was done and a report produced • 2007, the NPC and its working groups was set up • 2008, The unit became a department of Payment Systems

  5. Governance Structure • The Central Bank • The Payment Systems Department • The National Payments Council (NPC) • The subcommittees (working Groups) • The technical subcommittee (IT experts from all stakeholders) • The Business Strategy subcommittee (Operations experts) • The legal subcommittee (legal experts) • Composition of the NPC • The Central Bank • Representative of the Bankers Association

  6. NPC composition Cont… • Representative of the Telecoms • Representative of the Micro Finance Association • Ministry of Finance and Economic Planning • The Rwanda Utilities Regulatory Agency • Rwanda Switch • Rwanda Information Technology Agency • The Bankers Association

  7. Reforms Cont… The Legal reforms • The NBR act has amended to includeNPS oversight • The payment systems law has been Gazetted • A law on negotiable instruments has been Gazetted • A securities holding law exists • an electronic transactions law has been Gazetted • A Regulation governing Payment Services Providers has been Gazetted • Several other regulations have been Gazetted

  8. Reforms Cont… Infrastructure • In 2005, a National Switch was set up. • Produces cards for the banks • Interconnects all ATMs and POS to ensure interoperability • The same year, a Semi automated Clearing that achieves T+1 clearing and settlement was introduced • 2008, technical specifications for implementing the RIPPS were developed • 2010, RIPPS went live

  9. Key Success Factors • The National Switch • The ACH/RTGS/CSD • Opened up competition in the remittances market

  10. Lessons for others Government support • A fiber optics network was laid in the whole country to easy the flow of information and communication; • A project named E-Government was implemented; this is to make sure that all services offered by Government departments are done electronically;

  11. THANK YOU VERY MUCH

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