The role holder is responsible for monitoring the Market Conduct of licensed Payment Service Providers (PSPs) to protect consumers, promote healthy competition and maintain trust in the National Payment System. The role holder will proactively identify, assess and mitigate market conduct risks arising from new technologies, business practices, and market developments with the aim of highlighting risks, enhancing compliance and inducing changes where necessary in compliance with the National Payment System (NPS) laws.
Key Duties and Responsibilities
Technical and Operational Responsibilities
- Monitor market practices of Payment Service Providers (PSPs) (including e-money issuers, e-wallet providers, payment gateways, switches etc.) to identify potential misconduct, unfair practices and emerging risks to consumers and public.
- Analyze market data including statutory returns submitted by PSPs, social and mainstream media touching on consumer complaints, cyber security, fraud, payment platform/system issues to detect systemic misconduct issues.
- Conduct thematic reviews on specific market conduct topics e.g. transparency of fees, terms and conditions, fraud handling and consumer complaints procedures.
- Track and analyze the competitive landscape to identify anti-competitive behaviors or practices that could harm market dynamism.
- Develop, implement and enforce conduct of business rules and guidelines for PSPs.
- Ensure PSPs have robust and accessible customer complaint handling and dispute resolution mechanisms.
- Investigate significant consumer protection issues and oversee remediation efforts by PSPs.
- Contribute to the development and revision of policies, laws, regulations, circulars and supervisory frameworks related to market conduct and consumer protection in the payments sector.
- Stay abreast of international best practices on market conduct and consumer protection (e.g. BIS/CPMI, OECD, WB) and other emerging risks to inform policy related to market conduct.
- Participate in the onsite and offsite supervision of PSPs with a primary focus on assessing their market conduct and consumer protection practices, risk governance and culture.
- Prepare detailed reports on findings and make recommendations for supervisory action.
- Support enforcement actions in cases of material breaches of market conduct regulations including the drafting of warning letters, penalties or other administrative actions.
- Engage with PSPs to communicate regulatory expectations and provide guidance on market conduct-related matters.
- Collaborating with other departments within the CBK e.g. Bank Supervision, Cyber-Fusion Unit on cross-functional issues.
- Performing any other duties assigned by Section Head.
Qualifications
- Bachelor’s Degree in a relevant field e.g. Economics, Law, Computer Science or Business Administration.
- Professional qualifications and membership are an added advantage.
Work Experience
- At least five (5) years’ experience working in payment systems oversight or compliance specialist or other similar functional area roles.
- Experience in market conduct or consumer protection responsibilities is an added advantage.
