| sr No |
Element | Requirement(s) |
|---|---|---|
| 1 | Entity Requirements) | A person eligible to operate a payment system shall be a body corporate incorporated under the laws of Tanzania as: a) a bank or financial institution; or b) a non-bank or non-financial institution. |
| 2 | Director’s Requirements | • At least 3 directors are required who can be non local. • Where a non local director is appointed, the appointment must be done in accordance with the Non-Citizen (Employment Regulation) Act, 2014 • A director must have adequate knowledge in payment system or related experience necessary to carry out payment system business. • The fit and proper requirements assessment: o the character, o integrity and o experience in payment system or related experience|
| 3 | Shareholder requirements | • There Act does not specify the minimum number of shareholder required. • The fit and proper requirements assessment for shareholders include: o the character, o integrity and o experience in payment system or related experience |
| 4 | Key Personnel | • The Board is required to appoint a senior management of the payment systems operations. • Where a non local senior manager is appointed, the appointment must be done in accordance with the Non-Citizen (Employment Regulation) Act, 2014 • The fit and proper requirements assessment: o the character, o integrity and o experience in payment system or related experience |
| 5 | Key Board Positions | • The Board of Directors shall be composed of at least three members one of whom shall have payment system or related experience. • The Board shall appoint senior management of the payment systems operations. • Prior approval by the Bank must be sort before a director is appointed to the Board. |
| 6 | Minimum Capital Requirement | An electronic money issuer shall maintain at all times a minimum capital of five hundred million Tanzania shillings. |
| 7 | Payment System License Permitted activities | 1. clearing of payment instructions between financial and non financial institutions; 2. settling of obligations arising from the clearing of payment instructions; 3. transfer of funds from one account to another using any electronic device; 4. transfer of electronic money from one electronic device to the other; 5. provision of technological services to facilitate switching, routing , clearing, data management for or on behalf of a payment system provider; 6. facilitation of interoperability of payment systems and services between payment systems providers and consumers; 7. provision of electronic payment services to the unbanked and under-banked population ; 8. establishing a payment clearing house; 9. provision of financial communication network; 10. any other objects as may be prescribed by the Bank. |
| 8 | PLicense Categories | a) Payment system provider licence • provide payment services within the transactions limits prescribed by the Bank from time to time; • provide financial services in partnership with a bank or financial institution; and • comply with any other requirement relating to scope of services issued by the Bank. b) Electronic money issuer licence • provide payment services within the transactions limits prescribed in the Electronic Money Regulations 2015; • provide financial services in partnership with financial institutions; • provide any other service as may be prescribed by the Bank. |
