Subject to the article 34, paragraph (1) a notification have, at a minimum, the following features: transaction amount, transaction type, transaction date and time all applicable fees and charges to the transaction, agent identification details, where applicable; and a unique transaction reference number The system must produce error message(s) to the payer for every failed transaction indicating the reason for such error(s). All transaction records shall be retained for a period of at least ten years; The cost of processing any transaction, including electronic funds transfer instructions whether through SMS or any other means within the service-money system, shall promptly announced to the customer prior the authentication of transaction and be denominated in Rwandan Franc. Article 36: Technology to be used The technology used for e-money services shall be secure and ensure confidentiality, integrity, authenticity, and non-repudiation. The technology implemented for e-money services shall comply with the technology and security standards determined by the Central Bank from time to time through Directives. CHAPTER VI: CONSUMER PROTECTION Article 37: Principles of Consumer Protection The issuers are under strict obligation to fully adhere to any rules issued by the Central Bank pertaining to consumer protection as well as such basic principles of consumer protection. The marketing of e-money issuers shall follow the general principles of honesty and transparency. The addresses, telephone lines and e-mail address of the provider must be included in all marketing material. Each e-money issuer shall provide a list with details about name of location of all its customer service centers and its agents, and a description of its products and services including the applicable charges on its website. Before each transaction is authenticated by the customer, the e-money issuer shall display the total cost, all inclusive, for each transaction to customers before the transaction is authenticated. All fees and service charges for transactions shall be prominently displayed at its head
Subject to the article 34, paragraph (1) a notification have, at a minimum, the following features: transaction amount, transaction type, transaction date and time all applicable fees and charges to the transaction, agent identification details, where applicable; and a unique transaction reference number The system must produce error message(s) to the payer for every failed transaction indicating the reason for such error(s). All transaction records shall be retained for a period of at least ten years; The cost of processing any transaction, including electronic funds transfer instructions whether through SMS or any other means within the service-money system, shall promptly announced to the customer prior the authentication of transaction and be denominated in Rwandan Franc. Article 36: Technology to be used The technology used for e-money services shall be secure and ensure confidentiality, integrity, authenticity, and non-repudiation. The technology implemented for e-money services shall comply with the technology and security standards determined by the Central Bank from time to time through Directives. CHAPTER VI: CONSUMER PROTECTION Article 37: Principles of Consumer Protection The issuers are under strict obligation to fully adhere to any rules issued by the Central Bank pertaining to consumer protection as well as such basic principles of consumer protection. The marketing of e-money issuers shall follow the general principles of honesty and transparency. The addresses, telephone lines and e-mail address of the provider must be included in all marketing material. Each e-money issuer shall provide a list with details about name of location of all its customer service centers and its agents, and a description of its products and services including the applicable charges on its website. Before each transaction is authenticated by the customer, the e-money issuer shall display the total cost, all inclusive, for each transaction to customers before the transaction is authenticated. All fees and service charges for transactions shall be prominently displayed at its head
DRAFT_REGULATION_GOVERNING_THE_ELECTRONIC_MONEY_ISSUERS_May_2016.docx