Regulatory Alerts2019-01-01
Extension of Go-Live Date for Point of Sale Functionality on the National Financial Switch
The Bank of Zambia extends the mandatory go-live date for Point of Sale functionality on the National Financial Switch to September 30, 2019, following industry readiness assessments and commercial bank appeals. This directive mandates that all commercial banks activate their POS systems by the new deadline to avoid regulatory penalties. Non-compliant institutions will incur daily fines, automatically debited from their accounts, in accordance with Regulation 7 of the National Payment Systems Directives.
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