Press Releases

27.03.22Press Release

CBK Concludes Public Consultation on E-Payment Instructions in Preparation for its Official Issuance

The Central Bank of Kuwait (CBK) concluded its public consultation on the draft updated instructions published on January 31, 2022. The instructions were updated to keep abreast of developments in Fintech and e-payments, introduce governing frameworks, enable Fintechs to offer value-added services, and supersede the 2018 instructions.

In a statement the CBK announced it has concluded the review of all feedback shared via the designated e-mail by March 24, 2022.

The town hall was held on Sunday March 27, 2022 at the CBK headquarters chaired by the Executive Director - Supervision Sector. The session started with a presentation of the draft e-payment instructions highlighting the key changes of the updated instruction which include: the CBK’s direct supervision over e-payment services providers, licensing and capital requirements, operational ceiling, financial guarantee, etc., and their impact on the local market once applied. In attendance were participants from banks, the financial sector and telecommunications companies. In addition, all inquiries and comments, received from the attendees or via the designated email were addressed.

The CBK is updating its instructions to be considerate of all stakeholders, and to support the development of the payment ecosystem.

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