Act 2014
National Payment System Act, 2014 (Act 14 of 2014)
Issued by Central Bank of Seychelles
Plain-English summary
Makes the Central Bank the licensing authority for payment service providers (s. 5(b)) and prohibits acting as one without a licence (s. 7(1)); banks and credit unions are exempt from licensing but subject to oversight. Section 35 sets conditions for electronic money issuers, and s. 28(4) ring-fences customer funds for payment users' claims on insolvency. The copy reviewed includes Act 15 of 2023.
Who it applies to
Banking · Payments & Fintech
Topics
Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Payment service provider licensing and customer funds | Before commencing business | CBS | official | |
Section 7(1) prohibits acting as a payment service provider without a Central Bank licence; banks and credit unions are exempt but subject to oversight (s. 7(6)-(7)). Section 28(4) provides that in a provider's insolvency customer funds are used solely for payment users' claims. Section 7A requires 30 business days' written notice before extending product or service offerings. The text read contains no explicit trust-account rule. |
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| No obligations match these filters. | ||||
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