Kuma says bill aims to remove delay in system
By EDDIE OSIFELO
DELAYING of payments between banks and the Government will soon become a “thing of the past” once the Payment Systems Bill 2021 becomes operational.
Minister of Finance and Treasury, Harry Kuma stated this during his second reading of the Bill in Parliament yesterday.
Kuma said the Bill will address the risks that exist in our payments landscape.
He said it will ensure that the Central Bank has the oversight and operational mandates to monitor the country’s payments environment.
“This way we are guaranteed safety, efficiency and responsibility as we go about performing our payments obligations,” he said.
Kuma also said the Bill also provides legal parameters on performances of payments service providers whilst it ensures that customers are protected in the whole payment ecosystem.
The 2018 version of the Bill was first tabled in Parliament on 29th June 2018 but never proceeded beyond its second reading.
The Bill was re-introduced again as the Payment System Bill 2020 into Parliament in 2020 but was withdrawn as the Ministry needs to re-examine the Bill and make necessary adjustments to capture our changing economic and financial environment.
In 2021, the Payment Systems Bill 2021 was re-introduced in Parliament.
Kuma said there were amendments made to the Bill at the Bills and Legislation Committee level in 2018 to ensure that the legislation correctly reflects the policy intent.
He said the amendments include the use of the terms common law, international reporting standards and international accounting in the Bill and increase the rate of penalties to deter any person from sabotaging the smooth operation of the payment ecosystem.
Debate of the Bill commences at 9.30 am today.