Establishment of National Payment System

(1) The Central Bank shall establish the National Payment (2) The Central Bank shall regulate and oversee the National Payment System with the aim of reducing any inefficiencies and potential risks to the National Payment System. (3) Without prejudice to the generality of sub-section (2), the Central Bank shall– (a) formulate policies for continuous modernization of the National Payment (b) license payment service providers and operators in conformity with the provisions of this Act and any further implementing 16 (c) establish general or individual conditions, standards, rules or procedures in accordance with this Act and any further implementing measure regarding an entity licensed under this Act and its activities and ensure that these conditions, standards, rules and procedures are duly applied; (d) act as a forum for the consideration of matters of policy and mutual interest concerning the (e) perform any other functions relating to payment, clearing or settlement systems or the issuance of payment instruments permitting the accomplishment of its functions; and (f) issue regulations, order, directives, guidelines or notices to govern the operation and regulation of the National Payment System. Bank