The National Bank of Tajikistan (NBT) has begun granting operating licenses to a number of payment system operators in accordance with requirements of the new legislation on payment services and payment system.
International payment system operators such as Visa International, MasterCard, UnionPay and Western Union as well as domestic payment system operator Korti Milli (Tajikistan’s savings bank Amonabonk) have been granted a three-year operating license, according to the NBT press center.
These payment system operators have reportedly submitted all necessary documents for obtaining the operating license to the NBT before March 2, 2018. Most of them submitted the documents in January or in February.
Recall, Tajik central bank has extended the term of obtaining an operating license for payment service providers until the end of March. Under Tajikistan’s law on payment services and payment system that was adopted last year, all payment system operators should have obtained an operating license until March 2 this year.
The NBT notes that “lending agencies should take into consideration requirements of the NBT legal regulations regarding determining the identity of customer – physical entity during cooperation with international payment system and foreign payment platforms.”
Tajik central bank also notes that “only lending agencies that have the right of carrying out electronic funds transfer transactions can act as payment service providers.”
Under the law on payment systems, commercial companies engaged in accepting payments through self-service terminals must conclude agreements with lending agencies and function as bank payment agents.
This law also regulates activities of payment services providers (including those on transfer of electronic funds), bank payment agents and subagents, payment system operators, payment infrastructure services operators and sets requirements for organization of the payment system activity and the procedure of control over the payment system.
