Regulatory Alerts2023-01-01
CB Circular No. 19/2023: Notice of Taking Possession of Development Bank of Zambia
The Bank of Zambia has taken immediate possession of the Development Bank of Zambia under Section 64 of the Banking and Financial Services Act, 2017. A newly appointed Possession Manager will oversee restricted business operations and handle all payment instructions for the bank’s accounts at other financial institutions. Financial service providers are directed to route all related payment instructions and account operations through the Possession Manager effective July 21, 2023.
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