This role involves assisting the Head of Oversight & Compliance Section in the supervision of the Market Conduct function. The Manager will execute monitoring and surveillance of licensed Payment Service Providers (PSPs), conduct risk-based supervision, and enforce market conduct regulatory requirements. A key objective is the assessment of consumer protection measures and the development of the market conduct and consumer protection policy framework to promote healthy competition and maintain trust in the National Payment System.
Key Duties and Responsibilities
Technical and Operational Responsibilities
- Lead the team in the supervision and oversight of the 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 the public.
- Analyze market data including statutory returns submitted by PSPs, social and mainstream media touching on consumer complaints, cyber security, fraud, and payment platform/system issues to detect systemic misconduct issues.
- Conduct thematic reviews on specific market conduct topics, such as 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.
- 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.
- Collaborate with other departments within the CBK (e.g., Bank Supervision, Cyber-Fusion Unit) on cross-functional issues.
- Perform any other duties assigned by the Section Head.
Qualifications and Experience
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 six (6) years’ experience working in payment systems oversight or compliance specialist or other similar functional area roles.
- At least three (3) years of this experience must be in a supervisory capacity.
- Experience in supervision of market conduct or handling consumer protection responsibilities is an added advantage.
