Regulatory Alerts2023-01-01
Rescheduling of Go-live Dates for Sender’s Name Reference and Transaction Type 21 on the National Financial Switch
The Bank of Zambia reschedules the mandatory go-live date for Sender’s Name Reference and Transaction Type 21 on the National Financial Switch from March 16 to May 11, 2023. This extension addresses implementation delays among participants, as current industry readiness stands at only 60 percent against the 100 percent threshold required to prevent transaction failures. Non-compliant entities will face daily penalties under Section 43 of the National Payment Systems Act for any failure to meet the revised deadline.
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