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7.-Electronic-Banking-Regulations.Pdf '$ $2 32*,($ $ .(% ! ! " # " $ % & % ' $ % & ( " # # ) " " * " ' + * " # # , - . # /,,'0 1 * & ,# . ' - ,# ' * & ,# ! ! " # $ % & ' % ( )*$ % # # *)+,-$ ./0 1 . 2,)3 " # $ % & ' % ( THE LIMITS OF E-BANKING REGULATION IN ETHIOPIA EQUBAMARIAM KIDANE December, 2018 Acknowledgment All praise and thanks go to Almighty GOD, the source of all good knowledge and wisdom, strength and help without HIM it is impossible to breathe, let alone accomplish this work. GOD helps me by letting good people pass my way and support me throughout this work. Those people includes; my beloved father Kidane Asegu, my beloved mother Biriha Asgodom, my beloved wife Bire Kiros and my beloved daughter Selemawit Equbamariam. [My Family I love you all!] Second, I want to acknowledge My Advisor Dr. Solomon Abay Yimer and those informants who were willing to participate in my interview and gave me important documents as well as information, specifically, Ato Ephirem Baraki, Ato Abenezer, Ato Solomon Damitew, Ato Kebede Demissie, Ato Temesgen Zeleke, Ato Fikiremarkos Abebe from NBE, Ato Damitew Weldekidan, Ato Mesfin Getachw, Ato Mintesinot Siyum, Ato Berihun Gebru, Ato Endalle Tessema, Ato Bahire Birhane, Ato Anteneh Gebriye and Ato Birhane G/cherkos from Commercial Bank of Ethiopia, Ato Elias Mitiku from Premier Switch Solution(PSS) and Ato Cherinet Kebede from Awash International Bank S.C. Finally, my dear friends Ghidey Belay also gave me constructive comment on draft proposal of this work. i Table of Contents CHAPTER ONE ..................................................................................................................................... 1 INTRODUCTION .................................................................................................................................. 1 1.1 Background of the Study............................................................................................................. 1 1.2 Problem Statement ...................................................................................................................... 5 1.3 The objective of the study ........................................................................................................... 5 1.3.1 General Objective ...................................................................................................................... 5 1.3.2 Specific objective ....................................................................................................................... 5 1.4 Research Questions ..................................................................................................................... 5 1.4.1 General Research question ......................................................................................................... 5 1.4.2 Specific Research question ................................................................................................. 6 1.5 Significant of the Study............................................................................................................... 6 1.6 Literature Review ........................................................................................................................ 6 1.7 Research Methodology ............................................................................................................... 9 1.7.1 Research Design: Population and Sample size ........................................................................ 10 1.7.2 Data Types and Collection Tools for Empirical Part of the Study........................................... 10 1.7.3 Data Types and Collection Tools for Doctrinal Research Method .......................................... 11 1.7.4 Data Analysis ........................................................................................................................... 11 1.8 The scope of the study .............................................................................................................. 11 CHAPTER TWO .................................................................................................................................. 12 THE PRACTICE AND PROBLEMS OF E-BANKING IN ETHIOPIA ............................................. 12 2.1 Introduction ................................................................................................................................. 12 2.2 The Practice of E-banking in Ethiopia ........................................................................................ 12 2.2.1 The Current State of Non-Consumer E-banking ............................................................ 13 2.2.2 The Current State of Consumer E-banking .................................................................... 14 2.2.2.1 Automatic Teller Machine (ATM) ............................................................................. 15 2.2.2.2 Point of Sale (POS) Terminal ..................................................................................... 17 2.2.2.3 Mobile Banking ........................................................................................................... 19 2.2.2.4 Internet Banking ......................................................................................................... 21 2.2.2.5 Mobile Wallet .............................................................................................................. 22 2.2.2.6 Electronic Billing Presentment and Payment Business ........................................... 23 2.2.2.7 Electronic Payment Instruments ............................................................................... 24 2.2.2.8 Cheque Truncation ..................................................................................................... 26 2.3 Problems with Electronic Banking in Ethiopia ........................................................................... 27 2.3.1 Problems Related to Authentication Customer’s Authorization ............................ 27 2.3.2 Problems Related to Admissibility of E-banking Records ...................................... 28 2.3.3 Problems Related to Confidentiality of Customer’s Financial Information.......... 29 ii 2.3.4 Problems Related to Failure to Electronic Fund Transfer ...................................... 30 2.3.5 Problems Related to Loss of Right to Countermand Payment ............................... 32 2.3.6 Security and Unauthorized Access to Customers’ Account .................................... 33 2.3.7 Problems Related to allocation of Losses .................................................................. 34 2.3.8 Problems Related to Cross-Border E-Banking Transactions ................................. 35 2.3.9 Problems Related to Dispute Resolution ................................................................... 36 2.3.10 Problems Related to Non-financial Infrastructure .................................................. 38 CHAPTER THREE .............................................................................................................................. 39 THE LIMITS OF REGULATION AND NEED FOR REFORM ........................................................ 39 3.1 Introduction ..................................................................................................................................... 39 3.2 Constitutional Framework............................................................................................................... 39 3.3 Policy Framework: National Retail Payments Strategy .................................................................. 41 3.4 The Legal Framework of E-Banking Regulation in Ethiopia ......................................................... 44 3.4.1 Definition ................................................................................................................................. 46 3.4.2 Entry Regulation ...................................................................................................................... 48 3.4.2.1 Business Plan ............................................................................................................... 49 3.4.2.2 Operational Policy and Procedure Manual .............................................................. 51 3.4.2.3 Risk Management Policy and Procedure .................................................................. 53 3.4.2.4 Information Security Policy ....................................................................................... 54 3.4.2.5 Consumer Protection Policy ....................................................................................... 56 3.4.2.6 Minute of the Board of Directors ............................................................................... 56 3.4.2.7 Pilot Period Test .......................................................................................................... 57 3.4.3 Operational Regulation ...........................................................................................................
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