Regulatory Alerts2021-01-01
Amendments to the Zambia Interbank Payment and Settlement System Operational Rules
The Bank of Zambia issued Circular No. 05/2021 to amend the ZIPSS Operational Rules, mandating enhanced cyber security resilience for all payment service providers. Commercial banks must comply with the revised framework within thirty calendar days, subject to penalties under Section 43 of the National Systems Act for non-compliance. The updated rules, attached as Appendix I, formalize mandatory security measures to mitigate emerging cyber risks while preserving system stability.
BANK OF ZAMBIA OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/psd/bp
April 14, 2021
CB Circular No. : 05/2021
To : All Heads of Commercial Banks
AMENDMENTS TO THE ZAMBIA INTERBANK PAYMENT AND SETTLEMENT SYSTEM OPERATIONAL RULES
The emergence of new technologies has given rise to increased cyber security related risks in the payment systems environment. To address these risks, all payment service providers are required to ensure that they put in place measures that ensure cyber security resilience.
In this regard, the Bank has made amendments to the Zambia Interbank Payment and Settlement System (ZIPSS) in line with section 24 of the ZIPSS rules. The revised rules are attached as Appendix I.
All commercial banks are required to comply with the amended ZIPSS rules. Failure to comply with the rules will attract penalties as stipulated in Section 43 of the National Systems Act.
The rules take effect 30 calendar days from the date of this Circular.
[Signature]
Francis Chipimo (PhD) DEPUTY GOVERNOR – OPERATIONS
cc Deputy Governor – Administration General Counsel and Bank Secretary Director – Bank Supervision Director – Banking and Currency Director – Payments Systems
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