Regulatory Alerts2019-01-01
National Payment Systems Directive on the Implementation of the National Financial Switch
The Bank of Zambia has issued directives mandating all licensed commercial banks in Zambia to participate in the National Financial Switch. These institutions must comply with Steering Committee decisions, pay agreed and additional project contributions to the Zambia Electronic Clearing House Limited, and establish dedicated implementation teams. The directives further require banks to support industry-wide payment infrastructure modernization and impose statutory penalties for non-compliance under Section 43 of the National Payment Systems Act.
Share