Regulatory Alerts2001-01-01
Bank of Zambia Circular 11/2001: Ban on Deposit Mobilisation Through Raffles, Lotteries, and Competitions
The Bank of Zambia issued Circular 11/2001 to immediately ban commercial banks and financial institutions from using raffles, lotteries, or competitions to attract public deposits. Regulators classify these promotional schemes as unsafe, unsound, and speculative practices that undermine the development of a trust-based banking system. Financial entities must cease all such deposit mobilisation activities effective immediately to align with prudential standards and maintain public confidence.
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