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The matter of fees being charged by some financial institutions for services was in the spotlight on Wednesday as an Independent and a Government senator called for strict regulation of service providers, when the Senate debated the
National Payments Systems Bill 2021.
The bill sets out the framework for the establishment of non-traditional systems of payment for business transactions and makes provision for oversight and regulation by the Central Bank and a National Payments Council which is to be established.
Independent senator Lindell Nurse and Government senator Rawdon Adams were of the view that fee monitoring and control should be an important aspect of the regulator’s role.