Regulatory Alerts2025-01-01
Submission of Account Mandates for Accounts Held at the Bank of Zambia
The Bank of Zambia requires all commercial banks to submit updated account mandates detailing authorized signatories and agents. These submissions must be delivered to the Director of Banking and Currency by the tenth working day of each January, with a one-time deadline of March 31, 2025 for the current year. A daily penalty of ZMW500 applies to mandates that remain outstanding or uncorrected after their respective due dates.
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DG/bcd/bp
January 27, 2025
CB Circular No. : 06/2025
To : All Heads of Commercial Bank
SUBMISSION OF ACCOUNT MANDATES FOR ACCOUNTS HELD AT THE BANK OF ZAMBIA
Kindly be informed that, in accordance with Section 58 of the Bank of Zambia Act, 2022, (Furnishing of Information), and Section 158 of the Banking and Financial Services Act, 2017 (Submission of Information and Documents to Bank), all commercial banks are required to submit account mandates to the Bank to facilitate account operations. These mandates must include a list of authorised signatories and bank agents.
The following outlines the requirements for these submissions:
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Authorised Signatories
All commercial banks must submit a list of authorised signatories in their respective categories, clearly indicating the signing arrangements for the accounts.
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Authorised Agents
All commercial banks are required to submit a list of agents authorised to collect and deliver documents to the Bank. The submission should include the following details for each agent:
- Full names;
- Certified copies of national registration card or passport;
- Residential address and contact details; and
- Certified copies of current passport-sized photo.
The account mandates must be submitted to the office of the Director – Banking and Currency by the 10th working day of the first month of each year. This timeline has been established to ensure that the account mandates held by the Bank remain up to date. Any changes to the mandates should be communicated to the Bank immediately to ensure they are current and to facilitate smooth account operations.
2/-
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
CB Circular No. 06/2025 - 2 - January 27, 2025
Additionally, account mandates for 2025 must be submitted by March 31, 2025. All future submissions must be made in accordance with the guidelines outlined above. A penalty of Five Hundred Kwacha (ZMW500.00) shall be imposed for each day that the account mandates remain outstanding after the due date or remains uncorrected.
Should you require any further clarifications, kindly contact Mrs. Angela N. Chileshe, Director – Banking and Currency at 0211 399300 or via email at anachivu@boz.zm.
Kindly be advised accordingly.
[Signature] Francis Chipimo (PhD) DEPUTY GOVERNOR
cc Governor Deputy Governor – Administration Director – Banking and Currency Director – Prudential Supervision
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm