Regulatory Alerts2018-01-01
The Bank of Zambia Prohibition Against Unwarranted Charges and Fees of 2018
The Bank of Zambia issued these Directives under the Banking and Financial Services Act, No. 7 of 2017, to prohibit financial service providers in Zambia from imposing specific unwarranted charges and fees deemed detrimental to consumer rights and financial inclusion. The directives explicitly list 26 prohibited charges, including those for account opening, ATM transactions, basic savings account maintenance, debit card issuance and renewal, and various fund transfers. Non-compliant financial service providers or managers face severe penalties, including fines up to two hundred thousand penalty units, imprisonment, and administrative sanctions such as license suspension or removal from office.
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