Regulatory Alerts2020-01-01
Circular 32/2020: Calendar for Submission of Payment Systems Returns for 2021
The Bank of Zambia issued Circular 32/2020 to establish the mandatory submission calendar for monthly and quarterly payment systems returns for the 2021 financial year. Designated entities must file returns via email by the specified due dates or transition to the new Digital Financial Services Data Platform starting in May 2021, with a daily penalty of K500 applied for late or incorrect submissions. The circular additionally requires all designated payment system providers to submit audited annual financial statements within three calendar months after each financial year concludes.
# Bank Of Zambia
## OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/bcps/bp
December 30, 2020
CB Circular No. : 32/2020
To : All Heads of Commercial Banks and Designated Payment Systems Entities
## CALENDAR FOR SUBMISSION OF PAYMENT SYSTEMS RETURNS FOR THE YEAR 2021
Kindly be informed that the due dates for submission of Payment Systems Returns for the 2021 financial year are as follows:
### 1. MONTHLY RETURNS
| Month | DUE DATE |
|-------------|----------------|
| January | February 8, 2021 |
| February | March 9, 2021 |
| March | April 12, 2021 |
| April | May 10, 2021 |
| May | June 8, 2021 |
| June | July 12, 2021 |
| July | August 10, 2021 |
| August | September 8, 2021|
| September | October 8, 2021 |
| October | November 8, 2021 |
| November | December 8, 2021 |
| December | January 10, 2022 |
### 2. QUARTERLY RETURNS
| Quarter | DUE DATE |
|-------------|----------------|
| 1st Quarter | April 12, 2021 |
| 2nd Quarter | July 12, 2021 |
| 3rd Quarter | October 8, 2021|
| 4th Quarter | January 10, 2022|
All the returns should be submitted in a prescribed format by the set due dates as failure to comply may attract penalties. A penalty of K500.00 (Kwacha five hundred only) will be charged per return per day for any delayed submission or incorrect return until the breach is corrected. All submissions of payment systems returns through email shall be made to `psdreturns@boz.zm` by end of business on the due date.
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Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
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CB Circular No. 32/2020 - 2 - December 30, 2020
### 3. IMPLEMENTATION OF THE DIGITAL FINANCIAL SERVICES DATA PLATFORM
The Bank of Zambia is automating the process of receiving payment systems returns by all designated/licensed payment and financial service providers. We are currently in the pilot stage and this will continue up to April 12, 2021. Beginning May 2021, all returns shall be submitted through the Digital Financial Services (DFS) Data Platform. All the service providers are required to ensure that all the prescribed returns are submitted on the DFS Data Platform during the parallel pilot run to facilitate data validation.
### 4. AUDITED ANNUAL FINANCIAL STATEMENTS
All designated payment system providers are required to submit annual Audited Financial Statements within three calendar months after the end of the financial year.
Kindly be informed accordingly.
Francis Chipimo (PhD)
DEPUTY GOVERNOR – OPERATIONS
cc
Governor
Deputy Governor – Administration
Director – Banking, Currency and Payment Systems
Director – Bank Supervision
Director – Non-Bank Financial Institutions Supervision
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Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
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