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.
For the purposes of the payment transactions and services provided for in electronic form, in particular electronic documents and transmissions, may be used in place of written electronic documents and transmissions, may replace paper-based documents and are recognised as equivalent, in particular as regards its legal validity and evidential value when it is drawn up and maintained using a reliable technical process that guarantees, at any time the origin of the writing in electronic form and its integrity at all times during electronic processing and transmission.
Any technical solution used for the provision of a payment service must comply with specifications or requirements designed to:
- Recording and processing payment transactions in real time;
- Ensure high availability of the platform;
- Ensure the integrity of messages;
- Maintain the confidentiality of information;
- Guarantee the authenticity of transactions;
- Ensure that transactions are not repudiated.
The payment service provider must, in particular:
- Implement a proven system for ensuring the continuity of its operations;
- Implement a risk management strategy defining the policies, practices, and procedures associated with the risks inherent in the system and the payment methods or instruments made available;
- Demonstrate the existence of an audit trail ensuring the traceability of transactions from the origin of the payment order to its settlement.
Any technical solution or payment service platform chosen by any payment service provider must comply with the requirements set forth in Article 46 of this regulation, and be accessible and interoperable with those of other payment service providers under objective, non-discriminatory, and proportionate conditions.
The BEAC defines the minimum and mandatory interoperability requirements for technical solutions, platforms, and payment systems implemented or used by payment service providers.
The clearing and settlement of transactions related to payment services may only be carried out within a payment system authorized or organized by the Central Bank, in accordance with the provisions of Articles 253 to 268 of Regulation No. 03/16/CEMAC/UMAC/CM.
Funds received by a payment service provider from clients for the purpose of providing payment services are clearly identified in the institution's accounting records, as well as in those of the bank where the payment institution is domiciled, in accordance with the regulations set forth by the COBAC (Central African Banking Commission). The title of these accounts indicates the origin and purpose of the funds deposited therein.
Funds received by a payment institution from clients must be reconciled daily with the balance in the escrow account.
The payment service provider must retain documents related to the identification and traceability of payment transactions for a period of ten years from the date of their recording or execution.
Payment institutions are subject to the same reporting obligations to the Banking Commission as financial institutions, subject to any specific requirements set forth by COBAC regulations.