The following activities, linked or related to the provision or management of payment methods as defined in Article 12 of Regulation No. 03/16/CEMAC/UMAC/CM, are considered payment services such as:
- Credit institutions as defined by the Convention of January 17, 1992, on the harmonization of banking regulations in the Central African States;
- Microfinance institutions as defined by Regulation No. 01/02/CEMAC/UMAC/COBAC/CM of April 13, 2002, concerning the conditions for carrying out and monitoring microfinance activities in the CEMAC region;
- The Public Treasury and postal check services, subject to the specificities related to their status;
- Other approved institutions.
Funds received by a payment institution from customers for the provision of payment services remain the property of the customers.
They may not be used to finance the operating requirements of the said establishment or loans granted to customers, as defined in article 10 of the regulation.
They may only be used for payment transactions.
They are protected against any recourse by other creditors of the payment institution, including in the event of enforcement proceedings or collective proceedings of the institution.
Funds received by a payment institution from customers, directly or through distributors or sub-distributors, are domiciled at the latest the following day, if they have not yet been remitted to the beneficiary, in a hiving-off account, exclusively dedicated to this purpose, opened in one or more CEMAC banks.
In addition to the ring-fencing obligation set out in the previous paragraph, COBAC may also require the payment institution to cover funds received with a view to providing payment services by means of an insurance contract or a first demand guarantee from a credit institution not associated with the payment institution.
The hive-off account provided for in article 53 of the regulation is the subject of a specific account agreement duly signed by the payment institution and the domiciliary bank. This agreement shall include at least the following clauses:
- The operating procedures;
- How the bank manages the funds;
- The procedures for informing the payment institution of transactions affecting the hived-off account.
- The applicable fee.
The hived-off account has the following characteristics:
- It is global: its balance corresponds to the sum of funds received from customers and not remitted to the beneficiaries by the working day following the day on which they were received;
- Be separate: it must be identified separately from any other account opened by the payment institution belonging to it, and its name must indicate the details of the sums deposited in it;
- Be individualized: the payment institution has a breakdown by payment account holder at all times.
The paying agent bank pays interest to the payment institution on the hived-off account in accordance with the terms and conditions set out in the agreement governing the hived-off account.
The subscription to a new hive-off account contract, a new insurance or guarantee contract or the modification of a hive-off account contract, insurance or guarantee contract, as provided for in Article 53 of the regulation, shall be notified to COBAC within one month of their occurrence.
The Banking Commission orders the cancellation of new contracts or amendments when it considers that these changes do not comply with or do not allow compliance with the provisions of these regulations.
All payment institutions have sufficient cash at their disposal at all times to cover their customers' liquidity requirements.
Payment institutions shall have an adequate system for combating money laundering against money laundering and the financing of terrorism, in accordance with regulation No. 01/ 16/CEMAC/UMAC/CM on the prevention and suppression of laundering and the financing of terrorism and proliferation in Central Africa.
For any bank or payment account subscription or payment transaction, the payment service provider, distributor or sub-distributor shall carry out the necessary customer due diligence, in particular certain identification of the payer and payee, knowledge of their activities and the origin of the funds. In the event of doubt, they are obliged to report any suspicions to the competent authorities.
The COBAC (Central African Banking Commission) establishes, by regulation, the specific obligations applicable to payment service providers regarding the fight against money laundering and the financing of terrorism and proliferation.
The rules relating to management standards that payment institutions are required to comply with, in particular to guarantee their liquidity, solvency, the balance of their financial position, and the sustainability of their activities, are established by COBAC regulation.