Regulatory Alerts2015-01-01
Amendment to Settlement Mechanism for Cash Shortages
The Bank of Zambia has amended the settlement mechanism for cash shortages and penalties, effective 1 April 2015. Commercial banks will now have these amounts directly debited through the Authorized Settlement Agent facility instead of settling them via Financial Settlement Instructions on the Real Time Gross Settlement system. This direct debit process, accompanied by advance notification to affected banks, aims to improve cash operation efficiency and accelerate the reconciliation of shortages in bank records.
Share