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
ANNEX I: TRANSACTION LIMITS AND KYC/CDD/ADD REQUIREMENTS Customers Category Customer Tier Maximum Transaction limits (Per day) Risk Mitigation Measures Limit Amount (Frw) Customer Verification Requirements (KYC/CDD) Institutional Governance and Management Information Systems MIS Governance Individual Customer (Handset Transaction) Tier I (Electronically registered) single 500,000 transfers transactions: Registered phone number e-money account customer which match is integrated with Customer ID cash-in/out transactions: Registered phone number and registered e-money account customer Photo ID system block on exceeding limits trail reports of transaction of each customer intelligent System records of transactions auditable in MNO system statement sent to customer and Segregation of duties and clear approval procedures that are documented Existence of a risk mitigation Unit AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions daily transfer 1,000,000 weekly balance 1,000,000 NOTE: Maximum transaction counts should not exceed the maximum transfer limit Tier II (Electronically registered plus physical registration and storage of documents in the mobile money customer single 1,000,000 For mobile (e-money) transfers transactions:- Registered phone number mobile money account customer For stored value card transactions: Registered card number; daily transfer 1,000,000 1,000,000
account registry applying KYC/CDD controls) Registered e-money account number For cash-in transactions:- Registered phone number and registered e- money account; Name Acceptable photo ID For cash-out transaction at agent:- Acceptable photo ID cash-out transaction at an electronic device E-money account Name Electronic records of transactions auditable in system Electronic statement sent to customer and agent or merchant AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions weekly balance NOTE: Maximum transaction counts should not exceed the maximum transfer limit Small and Medium Enterprises Tier III (Electronically registered plus physical registration and storage of documents in the mobile money single 1,000,000 Full KYC/CDD Terms and conditions for operating the mobile money account Tax Identification Number
customer account registry applying KYC/CDD controls Business Registration Number in Rwanda and if it is different from VAT registration if applicable Other verification documents Electronic records of transactions auditable in e-money system Electronic statement sent to customer and agent or merchant AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions daily transfer 2,000,000 weekly balance 3,500,000 NOTE: Maximum transaction counts should not exceed the maximum daily transfer limit Retail Agents Tier IV (Individuals or SME registered as Retail Agents with full KYC/CDD Documentation and agreements single ZERO* Full KYC/CDD Agent Identification Number daily transfer ZERO*
with clear terms for provision of agent services. Copies retained in registry) Electronic records of transactions auditable in system Electronic statement sent to customer and agent or merchant AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions daily balance 10,000,000 *NOTE: Agents are not allowed to send person to person payment transfers. They are only for cash in and cash-out Agents Tier V (Corporates registered as with full KYC/CDD Documentation and agreements with clear terms for provision of agent services. Copies retained in registry) There are no limits on transactions The e-money account balances shall be withdrawn on weekly basis. Full KYC/CDD Super-Agent Identification Number Automatic system block on delayed float liquidation Audit trail reports of transaction of each agent Alerts AML/CFT intelligent System Electronic records of transactions auditable in system Electronic statement sent to agent or merchant Segregation of duties and clear approval procedures that are documented Existence of a risk mitigation Unit AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions
Merchants Tier VI (Businesses registered as merchants with full KYC/CDD Documentation and agreements with clear terms for merchant ship. Copies retained in registry) There are no limits on transactions. The Central Bank after consultation the e-money issuers, may time to time set the limits by Directive. The balances shall be liquidated twice a week. Full business KYC/CDD Merchant Identification Number Automatic system on delayed float liquidation Audit trail reports of transaction of each agent Alerts AML/CFT intelligent System Electronic records of transactions auditable in system Electronic statement sent to customer and merchant Segregation of duties and clear approval procedures that are documented Existence of a risk mitigation Unit AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions
Over-the-counter transactions Customers should be subject to the same KYC requirements and limits as in Tier I Automatic system block on exceeding limits Audit trail reports of transaction of each customer Alerts AML/CFT intelligent System Electronic records of transactions auditable in system Electronic statement sent to sending and receiving customer and agent. The message sent to the receiving customer shall identify the sending customer. Segregation of duties and clear approval procedures that are documented Existence of a risk mitigation Unit AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions