Regulatory Alerts1998-01-01
Bank of Zambia Directives on Payment of Supervisory Fees, 1998
The Bank of Zambia issued these 1998 directives to establish a mandatory framework for licensed commercial banks and financial institutions to pay annual supervisory fees covering the regulator's direct and indirect supervisory expenses. Assessments are calculated by applying a 0.2% rate to each institution's average deposit liabilities from the preceding twelve months, subject to a minimum annual fee of K 10 million, with institutions classified into commercial, deposit-taking, micro-finance, and non-deposit-taking categories. Fees must be remitted upon receipt of a fee note via certified cheque, bank debit, or postal order, and any late payments incur a monthly penalty calculated at the prevailing 28-day treasury bill rate until fully settled.