The Central Bank of Kuwait (CBK) has issued instructions for all service providers, including companies and institutions, to register in its electronic payment system.
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All service providers are required to regulate their e-payment transactions in line with established regulations, the 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.
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