Ethiopia - Obtain License or Permit for Payment Instrument Issuers

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Procedure

Apply In-Person:

1. To Obtain License or Permit for Payment Instrument Issuers, the applicant has to approach National Bank of Ethiopia contact link
2. Applicant has to get the form from the respective officer.
3. Applicant has to fill-in all the necessary details in the application form.
4. Make sure that the applicant has to attach the documents mentioned in the “Required Documents” section of this page.
5. Applicant has to attach the photocopies along with the application form.
6. Submit the completed form and the necessary documents to the officer.
7. The applicant has to pay the Investigation fee of Birr 5,000; and licensing fee of Birr 5,000.
8. The authority officer will review the application and process the application.
9. Once the process is completed, the certificate is given to the applicant within the stipulated processing period of time.

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Required Documents

• Business plan
• Evidences of payment of investigation fee
• An enterprise owned fully by the government and the following documents shall be attached
• A regulation issued by the council of ministers that specifically allows engagement in the business of issuing payment instruments and related services as per this directive.
• A certificate of registration for trade name from the relevant authority, or.
• A company which shall full fill the following conditions:
• A signed minutes of meeting of shareholders along with attendance sheet:
• A certificate of registration for trade name from the relevant body:
• A signed minutes of meeting for subscribers along with attendance sheet:
• A list of names, nationality, address, number and value of subscribed shares of shareholders to be published or notified on newspaper or any other media:
• A memorandum and articles of association written both in Amharic and English.
• An authenticated certificate and/or agreement (as the case may be) for ownership or use of building, land, equipment, hardware
• A minimum paid-up capital of Ethiopian birr 50.000.000 (fifty million birr) shall be contributed in cash and the amount shall be deposited in a blocked account with a bank in the name of the applicant payment instrument issuer

Office Locations & Contacts

National Bank of Ethiopia
P.O Box: 5550
Tel: +251 115 517 430
E-mail: [email protected]
Fax: +251 115 514 588
Contact details link
Location details link

Eligibility

• no person, other than Government, may hold more than 20% (twenty percent) of the shares of a licensed payment instrument issuer; and
• a company other than a government enterprise shall have a minimum of 10 (ten) shareholders.

Fees

The applicant needs to pay

• Investigation fee of Birr 5,000; and
• Licensing fee of Birr 5,000.

Validity

• Validity for the license for 3years.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• Processing time of this procedure takes up to 1 month.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external 
websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicant must complete the application form before submitting. Incomplete applications will not be accepted.
• Applicant must provide genuine information while applying for this procedure.

Required Information

• Proposed name of the capital goods finance companies (under formation)
• Name of organizing committee’s chairperson
• Full Name of Applicant
• Address of Applicant
• Location
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees

Need for the Document

• Payment instruments and schemes are an essential part of payment systems. Cards, credit transfers, direct debits and e-money are non-cash payment instruments with which end users of payment systems transfer funds between accounts at banks or other financial institutions. Only a licensed payment instrument issuers can provide payment instruments. Without a proper license no body should provide payment instruments.

Information which might help

Business plan stating at least the following

• Executive summary,
• Introduction,
• Macroeconomic analysis,
• Financial sector analysis,
• Capital goods finance sector analysis,
• Business environments,
• Products and services,
• Target sector and customer focus,
• Type/category of equipment and machineries to be leased,
• Organizational chart of the company with brief description of the functions of the main organizational units,
• Strategic and operational plans,
• Source of capital and finances,
• Accounting policies,
• Assumptions for financial projections,
• Financial projections for the first three years including balance sheet, income statement, cash flow projections, and
• Conclusion /recommendation.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links that might help people

Others

More information which might help people.