Regulatory Alerts2015-01-01
Interest on the Trust Account for Electronic Money Issuers
The Bank of Zambia issued PSB Circular No 01/2015 to require electronic money issuers to earn interest on their trust accounts at commercial banks, effective 1 February 2015. Issuers must negotiate interest rates with their banking partners, submit the terms for regulatory review, and maintain separate records of earned interest for monthly reporting. The accumulated interest is excluded from required reserve funds and must be utilized primarily for customer education on mobile money or other activities approved by the central bank.
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