Maseru, May 05 — The Minister of Finance and Development Planning Dr. Rets’elisitsoe Matlanyane says the Payment System Bill, 2025 will contribute immensely towards a more efficient payment market by ensuring that all payments service providers are licensed under the same law.
This, she said in the National Assembly on Tuesday when moving that the Bill, with proposed amendments be read the second time, saying the Bill is intended to repeal and replace the Payment Systems Act, 2014 so as to accommodate and level the playing field for the provision of various payment services and innovative financial services and products offered by various financial technology (FinTech) players through different non-traditional business models.
She said the bill further replaces the payment system management body which was established under the Payment Systems Act 2024 with the National Payment Systems Council to serve as advisor to the Central Bank of Lesotho, adding that it aligns the Central Bank of Lesotho supervisory roles with international standards and practice, in particular, the Principles for Financial Markets Infrastructures (PFMIs) to which the financial market infrastructure should comply.
She said the principles encapsulate currently accepted international standards to govern the design and operation of payment system across the world, indicating that the bill further aligns with the Southern African Development Community (SADC) Payment Systems Model Law and SADC Payments Systems Modernization Project which has the objective of ensuring that all SADC countries modernise their payments systems to eliminate risks associated with payment systems and importantly allow smooth flow of fund within the Region.
She emphasized that the Bill addresses developments in the payment systems landscape in Lesotho most importantly, contributes to a more integrated and efficient payments market.
She also stressed that it grants the Central Bank of Lesotho, the necessary powers and tools to oversee the national payments system in Lesotho and to ensure safety, soundness and efficiency of the national payment system.
Meanwhile, Members of Parliament supported that the Bill be read for the second time as it is vital to domesticate payments methods for the benefit of local business community and entire SADC region.The House debated on proposed amendments and majority stood part of the Bill.
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