Regulatory Alerts2023-01-01
Payment of Mobile Money Rewards to Eligible Mobile Money Customers
The Bank of Zambia mandates electronic money institutions to distribute thirty percent of quarterly interest earned on holding accounts as rewards to eligible individual mobile money customers, effective April 1, 2023. The remaining interest must be allocated as ten percent to institutions for digital financial service operational costs and sixty percent to the central bank for industry-wide development projects, with rewards calculated proportionally based on each customer's outgoing transaction value. Institutions must remit these funds and submit quarterly distribution reports within fourteen days following each quarter's end, facing penalties under the National Payment Systems Act for non-compliance.
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