Extension of Implementation of Revised Item Value Limits

[Logo: Bank of Zambia]

OFFICE OF THE DEPUTY GOVERNOR - ADMINISTRATION

BOZ/EXEC/DGA/bcps/nc

28th March, 2017

CB Circular No. : 02/2017

To : All Heads of Commercial Banks

EXTENSION OF IMPLEMENTATION OF THE REVISED ITEM VALUE LIMITS

In exercise of its powers contained in Section 5 (3) of the National Payment Systems Act 2007, the Bank of Zambia revised the item value limits on cheques and electronic funds transfers in its CB Circular No. 06/2016 issued on 14th October, 2016. The revised item value limits were scheduled to take effect on 12th April, 2017. However, the Bank of Zambia hereby wishes to advise all commercial banks that the effective date of the revised limits has been extended to 5th July, 2017.

The rationale behind the extension is to give sufficient time to various stakeholders such as commercial banks and their customers to prepare for the implementation of the revised item value limits.

All commercial banks are therefore required to use this time to further sensitize their customers on the revised item value limits. Further, commercial banks should use this extension to design/promote electronic payment products that are appropriate and affordable for their customers.

Kindly implement accordingly.

[Signature] Dr Tukiya Kankasa-Mabula DEPUTY GOVERNOR – ADMINISTRATION

Cc Governor Deputy Governor – Operations Senior Director – Supervisory Policy Director – Banking, Currency and Payment Systems Director – Bank Supervision Director – Non-Bank Financial Institutions Supervision

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