Issuance of electronic money

An applicant for a licence as a payment service provider who intends to issue electronic money, shall, in addition to the requirements for a licence under Part III, satisfy the Central Bank that the following conditions are met– (a) the provision of electronic money shall not include the provision of credit; (b) electronic money providers shall provide statistics on electronic money loaded and redeemed values in their periodic financial statements and shall also be able to provide sufficient and reliable information to the Central Bank to monitor and control the quantity and velocity of electronic money supply in the economy; 48 (c) clearing and settlement mechanisms shall facilitate rapid provision of final settlement after a payment instruction has been initiated in the banking system, according to time limits that the Central Bank may establish from time to time; and (d) issuers shall be obliged to redeem electronic money value in Central Bank money, at par, upon request and the management of the underlying float and redemption of electronic money value by the issuer to the holder shall be clearly defined.