Regulatory Alerts2012-01-01
Engagement of Expatriates in the Financial Sector
The Bank of Zambia mandates that all financial service providers, payment systems, and payment system businesses obtain prior regulatory approval before hiring or renewing contracts for expatriate personnel. This directive requires applicants to satisfy fit and proper criteria, comply with national immigration and work permit regulations, and demonstrate that local skills are genuinely unavailable. Employers must also submit comprehensive staff development plans outlining skills transfer to Zambian nationals, with existing expatriate contracts permitted to run their course until renewal or new engagements trigger these updated compliance standards.
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