Regulatory Alerts2008-01-01
CB Circular 03/2008 Implementation of Item Value Limits
The Bank of Zambia issued Circular 03/2008 to mandate the implementation of Item Value Limits for cheque and direct debit payment streams under the National Payment Systems Act. Commercial banks are required to enforce thresholds that prohibit processing cheques and direct credits above K100 million, as well as direct debits above K50 million, in the Clearing House. These high-value transactions must instead be routed through ZIPSS/RTGS, with specific provisional measures allowing the honoring of 2007 government cheques exceeding the limit during their validity period.
Share