Palestine Monetary Authority Approves Instructions Regulating Licensing Payment Service Providers

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, said that the Board of Directors of Palestine Monetary Authority had recently approved Instructions Number 1 of 2018 Concerning Regulating Licensing Payment Service Providers in line with the National Plan to Enhance the Use of Electronic Payment Systems in Palestine 2018-2023. This is consistent with the provisions of Decree-Law Number 17 Concerning the Palestinian National Payments Settlements Law.  

Mr. Shawwa said the instructions aimed to develop secure and effective means of payment for retail sale and expand their use by developing the infrastructure of the systems and instruments of electronic payment in Palestine. This is among the efforts of PMA and tasks and responsibilities that aim to ensure financial and monetary stability in Palestine as well as to ensure sustainable economic growth, reduce the risks that the banking system in particular and the financial system in general may be subject to, and develop the system of electronic payment services. 

The Instructions apply to the payments system and electronic payment services. They pave the way to submitting licensing applications for payment services providers. 

The payment services providers in Palestine must adjust their legal status in accordance with the Instructions within no more than six months.