Regulatory Alerts1995-01-01
Banking and Financial Services (Payment of Fees) Regulations, 1995
The Minister of Finance of Zambia, acting on the recommendation of the Bank of Zambia, issued these regulations to establish mandatory fee structures for banking and financial services licensing and annual operations. The rules prescribe specific non-refundable charges for licence applications and yearly renewals, requiring payment by certified cheque or postal order to the Bank of Zambia by January 31, with pro-rated amounts for institutions registered later in the year. Late payments incur a monthly penalty of twenty percent on the outstanding balance, and all collected fees and penalties are retained by the Bank of Zambia.
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