Section 2, The Payment Systems Act, 2009

(1) The Central Bank may– (a) establish and operate payment, funds transfer, clearing and settlement systems, subject to such rules as it may prescribe; (b) subject to this Act, designate and supervise any other payment, funds transfer, clearing and settlement systems. (2) Subject to subsection (3), the Central Bank may designate different clearing and settlement systems– (a) in respect of different classes of financial institutions; and (b) for the clearing and settlement of different classes of obligations. (3) The Central Bank shall not designate a clearing and settlement system unless it is satisfied that– (a) only financial institutions and the Central Bank are permitted to become participants in the system; (b) the system fairly represents the interests of all financial institutions that are or will become participants in the system; (c) the Central Bank will be able to adequately supervise the system and the activities of its participants to ensure compliance with this Act and any other relevant enactment; (d) the constitution and any rules governing the system are fair, equitable and transparent and make adequate provision- (i) for admitting financial institutions into the system as participants, and regulating and terminating their participation; (ii) for controlling its participants’ use of clearing and settlement systems or operations; (iii) for appointing a management body or committee or representatives of the participants, to organise and manage the system; (iv) for appointing a system operator to provide clearing processing services to or on behalf of participants; (v) stipulating the criteria based on which a participant may be authorised to introduce any person to provide payment services; and (e) the management body has ensured provision of a contingency plan in support of the operational clearing and settlement system. (4) Not withstanding subsection (3), the Central Bank shall prescribe the criteria for the designation of a clearing and settlement (5) A designation under paragraph (b) of subsection (1)- 8 9 Power to establish and designate pay-ment and other systems, etc. (a) shall be in writing addressed to the management body of the system or such persons as the Central Bank may reasonably believe are the operators of that system; and (b) has effect until it is revoked.