How the system is structured.
WHAT THE CENTRAL BANK DOES
Regulates the system, licenses participants, and sets operating rules.
WHAT THE CENTRAL SWITCHING INFRASTRUCTURE PROVIDES
Interbank transfer processing Shared services used across the industry Standards and identifiers
WHAT COMMERCIAL SWITCHES DO
Route card and transfer transactions between institutions.
WHAT PAYMENT SERVICE PROVIDERS DO
Connect merchants to that infrastructure.
WHAT MAKES THE LOCAL SYSTEM DISTINCTIVE
Instant interbank transfers, widely used and inexpensive Strong mobile and USSD channels An identity infrastructure tied to banking High adoption of transfer-based payment over cards
WHY TRANSFERS DOMINATE
They are cheap, instant, final, and available to anyone with an account.
WHAT THAT MEANS FOR MERCHANTS
Transfer acceptance matters more here than in card-dominant markets.
WHAT CHANGES FREQUENTLY
Licensing categories and requirements Fee caps Rules on specific products
WHAT TO DO ABOUT THAT
Verify current requirements directly, rather than relying on any written summary.
WHY
Regulatory positions here are revised regularly, and stale information is a business risk.
