Regulatory Alerts2015-01-01
Directive on the Implementation of the National Financial Switch
The Bank of Zambia mandates all licensed commercial banks in Zambia to participate in the National Financial Switch, a shared infrastructure designed to interconnect ATMs, point-of-sale terminals, and mobile payment systems for standardized retail banking. Participating institutions must fully fund the project through previously agreed 2008 contributions and additional amounts as directed by the project manager, while establishing dedicated implementation teams and adhering to Steering Committee decisions. Failure to comply with these directives constitutes a legal offence subject to penalties stipulated under Section 43 of the National Payment Systems Act.
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