Whereas, it is Important to maintain the safety and efficiency of the national payment system;

Whereas, it is Important to foster transparency, ensure interoperability, guarantee the effective protection of customers, ensure existence of a competitive environment, and promote the financial inclusion,

Whereas, innovative and well-functioning payment systems are important to provide competitive, efficient and inclusive payment services;

Whereas, ii is essential to regulate, set standards and oversee the payment systems operation;

Whereas, it is necessary to set clear criteria for licensing and authorization of payment system operators and their operations;

Now, therefore, in accordance with sub article 4(2a)/l, 4(2ye, 6(6), 19(3), 20(2),22(2) and 37(2) of the National Payment System Proclamation No. 718/2011, and the application of the general principles of the Proclamation, the National Bank of Ethiopia has issued this Directive.