Payment Systems Act, 2009
An Act providing for the regulation and oversight of payment, clearing and settlement systems in Sierra Leone.
Summary
The Payment Systems Act, 2009 provides the legal framework for the national payment, clearing and settlement systems in Sierra Leone, giving the Bank of Sierra Leone oversight of these systems. It supports a safe, efficient and modern payments infrastructure.
The Act provides for the central bank's powers to oversee, authorise and regulate payment systems and their operators and participants, recognises the finality and irrevocability of settlement, addresses netting arrangements and the enforceability of payment instructions, and provides for electronic payments and related matters. It underpins financial stability and the modernisation of the payments system. It forms part of the 2009 financial-sector reforms.
Main provisions
- Provides for the oversight and regulation of payment systems by the central bank.
- Provides for the authorisation of payment-system operators and participants.
- Recognises settlement finality and the enforceability of payment instructions.
- Addresses netting arrangements and electronic payments.
- Supports a safe and efficient national payments infrastructure.