Regulatory Alerts2022-01-01
Circular 02/2022: Implementation of Sender’s Name Reference and Transaction Type 21 on the National Financial Switch
The Bank of Zambia directs all National Financial Switch participants to implement the Sender’s Name/Reference feature and separate transaction codes for Cash-In and Funds Transfer (Type 21) by 16 March 2023. This directive addresses significant delays past the original October and September 2022 deadlines, emphasizing that these upgrades are critical for transaction interoperability and Anti-Money Laundering compliance. Participants failing to meet the new implementation deadline will face regulatory enforcement actions pursuant to Section 43 of the National Payment System Act.
Share