Regulatory Alerts2001-01-01
Disclosure of Bank Charges Notice (G.N. No. 41 of 2001)
Issued by the Governor of the Bank of Botswana with ministerial approval, this Notice mandates registered banks to transparently disclose all banking charges and interest rates to customers through prominent display boards, comprehensive tariff guides, and detailed transaction records. The regulations require banks to calculate Annual Percentage Rates (APR) and Annual Percentage Yields (APY) accurately, group related fees to avoid multiplicity, and notify customers of any charge amendments at least twenty-one banking days before implementation. Non-compliance constitutes a statutory offence under the Bank of Botswana Act 1996, with all provisions taking effect on February 1, 2001.
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