Regulatory Alerts2013-01-01
Bank of Zambia Circular 06/2013 Implementation of Cheque Truncation System
The Bank of Zambia mandates the implementation of the Cheque Truncation System (CTS) for all commercial banks effective February 1, 2013. Non-CTS cheques issued after January 31, 2013 will not be cleared through the system, while those issued prior to this date will be cleared bilaterally via the Zambia Electronic Clearing House. Banks failing to provide CTS cheques must offer alternative payment arrangements, such as managers' cheques or RTGS, to customers at no cost.
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