Kuwait central bank looks to regulate ‘e-payment’ system

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Bid to propel banking sector

KUWAIT CITY, Sept 23, (KUNA): The Central Bank of Kuwait (CBK) has issued instructions for all service providers, including companies and institutions, to register in its electronic payment system.

All service providers are required to regulate their e-payment transactions in line with established regulations, CBK said in a statement posted on its official website.

All e-payment methods are subject to the scrutiny of CBK, the statement added, citing the bank’s governor Dr Mohammad Al-Hashel as saying that the new instructions are part of plans to propel the local banking sector.

On these plans for growth, Al-Hashel said that a team of experts and specialists has been assembled to look into the most cutting-edge financial services and products. He highlighted the widespread use of e-payment methods in Kuwait, assuring clients of foolproof security despite the alarming rise in global banking fraud.

Further details are available on CBK’s official website, www.cbk.gov.kw, he said. Meanwhile, the Ministry of Education has an “elephant in the room” represented by the “Call Center” project, which is yet be implemented even though the process began in 2011.

This project has so far drained KD 3 million from the state coffers, reports Aljarida daily. According to informed sources, this new discovery comes at a time when the ministry is at the pinnacle of crises and problems that are occurring one after the other including the breakdown of air conditioning units and poor school facilities as well as delay in the completion of maintenance works in schools as a result of negligence by some bodies in performing their work.

This news has been read 10674 times!

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