Region

Jurisdiction

Regulator

2002-01-01

2003 Annual Licence Fees for Commercial Banks

The Bank of Zambia mandates all commercial banks to pay their annual licence fees for the 2003 fiscal year. Each institution must remit K4,500,000 by the January 31, 2003 deadline, as the fees officially become due on January 1, 2003. Failure to remit the full amount on time will trigger a late payment penalty of 20 percent per month or part thereof on any outstanding balance.

Zambia

Bank of Zambia

# BANK OF ZAMBIA
## OFFICE OF THE DEPUTY GOVERNOR – OPERATIONS

December 10, 2002

CB Circular No: 20/2002

TO : ALL COMMERCIAL BANKS

## YEAR 2003 ANNUAL LICENCE FEES

We wish to remind you that in accordance with Statutory Instrument No. 180 of 1995, the annual licence fees for the year 2003 are due on 1 January 2003 and, the deadline for payment of the fees is 31 January 2003.

As you are aware, late payment of annual licence fees attracts a penalty of 20% per month or part thereof of any outstanding amount of the licence fee.

Accordingly, you are advised to ensure that the fee of K4,500,000 for banks is paid before 31 January 2003.

We look forward to your usual co-operation in this matter.

Denny Kalyalya (Dr)  
DEPUTY GOVERNOR - OPERATIONS

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Bank Square, Cairo Road, PO Box 30080, Lusaka 10101, Zambia Tel 260-1-226844, Fax 260-1-237070, email dkalyalya@boz.zm