Regulatory Alerts2021-01-01
Bank of Zambia Circular No. 19/2021 on National Financial Switch Post-Implementation Issues
The Bank of Zambia issued Circular No. 19/2021 to address post-implementation challenges with the National Financial Switch operated by ZECHL. All payment participants must achieve transaction approval ratings of 95 percent by June 2022 and 98 percent by year-end, while electronic money issuers must optimize float levels to prevent transaction failures. Additionally, participants are mandated to enable name look-up functionality by the first quarter of 2022 and implement customer notification mechanisms for undelivered transactions, with non-compliance subject to penalties under the National Payment Systems Act.
Share