Regulatory Alerts2014-01-01
Circular 13/2014 - EuroPay, MasterCard and VISA Standard Compliance
The Bank of Zambia mandates all commercial banks and non-bank card issuers to implement EMV chip card standards for credit and debit transactions to combat rising card fraud. Institutions must achieve full acquirer and issuer compliance by 31 December 2015, with an initial status report due by 30 June 2014 and subsequent quarterly progress updates for non-compliant entities. The regulator emphasizes that the required infrastructure investments are justified by the enhanced security, processing capabilities, and increased market confidence provided by EMV technology.
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