2001-01-01

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.

Zambia

Bank of Zambia

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Tel. 228888/228903-20

BANK OF ZAMBIA  
P.O. BOX 30080  
Lusaka  
10101

March 9, 2001

CB Circular No 12/2001

To: All Commercial Banks and Financial Institutions

Dear Sirs/Madam

DEPOSIT MOBILISATION THROUGH RAFFLES, LOTTERIES AND COMPETITIONS SPONSORED BY BANKS AND FINANCIAL INSTITUTIONS

Further to our Circular No 11/2001 of 27 February 2001, we write to advise that any bank or financial institution wishing to mobilize deposits through raffles, lotteries and competitions should seek prior approval of the Bank of Zambia.

Yours faithfully

Dr Abraham Mwenda  
Deputy Governor - Operations