Regulatory Alerts2013-01-01
Circular 19/2013: Cheques and Direct Debits Issued on Insufficiently Funded Accounts
The Bank of Zambia has amended its National Payment System Directives to require commercial banks to remit penalty fees collected from customers who issue cheques or direct debits on insufficiently funded accounts to the Zambia Electronic Clearing House Limited (ZECHL). Banks must transfer these fees by the sixth working day of the following month, with collections from initially underfunded accounts processed only after sufficient capitalization. This regulatory change, formalized under Government Gazette Notice No. 6227, took effect on September 1, 2013.
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