Regulatory Alerts2001-01-01
Deposit Mobilisation Through Raffles, Lotteries and Competitions Sponsored by Banks and Financial Institutions
The Bank of Zambia requires all commercial banks and financial institutions to secure prior regulatory approval before conducting raffles, lotteries, or competitions to mobilize customer deposits. Issued by Deputy Governor Dr. Abraham Mwenda, this directive operationalizes compliance measures outlined in a preceding February 2001 circular. Financial entities must obtain this advance authorization to ensure all promotional deposit-gathering activities align with central banking standards.
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