Exemptions from licensing

(1) Notwithstanding sections 7 and 8, a bank shall be a direct participant and shall not be required to obtain a licence to provide a payment service under this Act. (2) Notwithstanding sections 7 and 8, a credit union that meets the access criteria prescribed by the Central Bank may be a direct participant, shall not be required to obtain a licence to provide a payment service, other than an international remittance service, under this Act. CAP. 263. CAP. 314. (3) Notwithstanding sub-sections (1) and (2), a bank or credit union which provides a payment service under the Domestic Banks and Financial Institutions Act or the Credit Union Act, respectively, shall,– (a) comply with all other requirements of this Act and its regulations; (b) be subject to the oversight requirements for entities licensed or approved; (c) be required to apply for a licence to operate a system under section 8(2); and (d) be required to obtain the authorization of the Central Bank for the use of an agent to provide