Teka, Semir (2013) Payment System in Ethiopia with Particular Emphasis on the Legal Framework for Credit Transfer. Masters thesis, Addis Ababa University.
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Abstract
Nowadays, the significance of payment system for the economy of a country in general and the soundness financial systems in particular is not a matter of controversy. It is submitted that in order to a payment system to serve its desired objectives, among other things, it should operate in a well defined legal environment that set out the rights and obligations of each party involved in transmitting a payment through the system. The significance of legal framework is also holds true with respect to credit transfer, for it is one of payment mechanism that is used to transfer funds in a payment system. Moreover, as in the case of other payment mechanisms, various legal issues may be raised under credit transfer. In this regard, the legal issues may relate with in view of the process of credit transfer, the rights and the obligations of the parties to such transaction, allocation of loss due to some risks and etc. Accordingly, for the purpose of governing such legal issues, a legal framework plays a significant role in credit transfer transaction. This fact can be substantiated with many states’ payment laws that are designed to govern credit transfer. However, in Ethiopia, so far, no specific law on credit transfer has been adopted although the country is not unfamiliar with such payment mechanism. This fact would in turn create curiosity under what sort of legal framework coverage does credit transfer transaction is being currently taking place in the country. In this regard, the study’s findings reveal that the various laws of the country including court precedents and private contracts having some relevance for credit transfer although they fall short to address many legal issues. Among other things, the existing laws of the country lack clear rules that govern the rights and obligations of the parties to credit transfer transaction. Moreover, the country laws do not provide express rules dealing with the issue of allocation of liability that may be raised due to some of the risks in credit transfer transaction such as fraud, error and delay. Thus, for the purpose of addressing those identified areas of legal gaps, the country is recommended to have in placed appropriate legal framework. Consequently, this would in turn have a great significance to avoid legal uncertainties that are associated with credit transfer transaction and contribute for the country’s payment system modernization endeavors with respect to the development of modern payment system regulatory standard. Key Words: Payment, Payment System, Payment Mechanism, Credit Transfer
| Item Type: | Thesis (Masters) |
|---|---|
| Subjects: | K Law > K Law (General) |
| Divisions: | Africana |
| Depositing User: | Kabiru Wallace Ndung'u |
| Date Deposited: | 03 Jul 2019 12:03 |
| Last Modified: | 03 Jul 2019 12:03 |
| URI: | http://thesisbank.jhia.ac.ke/id/eprint/9341 |
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