Regulatory Alerts2015-01-01
Bank of Zambia Circular 9/2015 on Electronic Money Issuance Directives
The Bank of Zambia issued Circular No. 9/2015 to mandate immediate compliance with its National Payment Systems Directives on Electronic Money Issuance. All commercial banks and non-bank e-money issuers must adhere to these directives, which derive from Section 43 of the National Payment Systems Act No. 1 of 2007 and were published in Government Gazette No. 6404. This circular reinforces regulatory oversight by establishing clear operational standards for electronic money issuance across Zambia.
[Stamp: BANK OF ZAMBIA DIRECTOR - NON-BANK FINANCIAL INSTITUTIONS SUPERVISION DEPARTMENT 10 JUL 2015 RECEIVED P.O. BOX 30080, LUSAKA.]
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXE/DGO/bcps/bp
July 10, 2015
CB Circular No.: 09/2015
To: All Heads of Commercial Banks All Heads of Non-Bank Electronic Money Issuers
THE NATIONAL PAYMENT SYSTEMS DIRECTIVES ON ELECTRONIC MONEY ISSUANCE
The Bank of Zambia is mandated under the National Payment Systems Act Number 1 of 2007 to designate, supervise and regulate the payment systems and businesses in Zambia. The Bank has in the recent past authorised a number of institutions to issue electronic money (e-money) in Zambia.
In order to provide guidance and reinforce its oversight to all e-money issuers, the Bank has therefore developed and issued the directives in accordance with Section 43 of the National Payment Systems Act Number 1 of 2007. These directives may be cited as National Payment Systems Directives on Electronic Money Issuance are contained in Government Gazette No. 6404, Vol. LI, No 46 issued on 26 June 2015.
All electronic money issuers are therefore required to comply with the directives.
The directives take effect immediately.
[Signature] Bwalya K. E. Ng’andu (Dr) DEPUTY GOVERNOR – OPERATIONS
Cc Governor Deputy Governor – Administration Senior Director – Supervisory Policy Director – Bank Supervision Director – Non-Banks Financial Institutions Acting Director – Banking, Currency & Payment Systems
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax:260-211-237070 E-mail:dgo@boz.zm Web: http://www.boz.zm