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CYB: Only banks can offer electronic payment services

[01/04/2020 12:20]

ADEN - SABA
The Central Bank of Yemen (CYB) in Aden said" The CYB is the only authorized body to issue monetary and gives licenses to offer electronic payment, and the decree issued recently by the branck of the CYB in Sana'a about authorizing certain financial institutions identified by Sana'a branch to offer electronic payment service via mobile is a decree issued by an authority isn't legally entitled to do so, thus there is no law about regulizing these financial institutions' action, nor there is legal framework allows institutions otherwise the banks to offer such services".

Thereby, establishing financial institutions outside the law to issue electronic currency without restrictions and coverage is considered to be legally annuled will cause distrust among the public and create inflationary pressures upon national economy.

In a statement the Yemeni News Agency (Saba) learned, the CYB called on the banks to offer electronic payment services given that they are the authorized financial institutions to do so in accordance with the laws and regulations in effects.

The CYB stated that the banks should get the licenses to provide electronic payment from the hadquarters of the CYB in the interim capital Aden.

The CYB warns everybod that any decrees or instructions are issued by the branch of the CBY in Sana'a should never be dealt with.