Regulatory Alerts2022-01-01
Bank of Zambia Agent Banking Directives 2022
The Bank of Zambia issued the Agent Banking Directives, 2022 to establish a comprehensive regulatory framework promoting financial inclusion through authorized agent networks. Regulated financial institutions must secure prior written authorization, submit detailed risk and anti-money laundering assessments, and execute formal contracts that explicitly define permissible services, liability allocations, and termination conditions. The directives enforce strict operational and governance standards, mandating real-time transaction processing, robust cybersecurity measures, rigorous agent due diligence, and continuous board-level oversight to mitigate financial and compliance risks.
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