Regulatory Alerts2021-01-01
National Payment Systems (Money Transfer Services) Directives 2021
The Bank of Zambia has issued the National Payment Systems (Money Transfer Services) Directives 2021 to regulate and oversee all entities offering money transfer services within the country. The framework mandates rigorous authorization procedures, minimum capital requirements, and transaction limits while strictly prohibiting the commingling of customer funds with operational assets. Additionally, the directives establish comprehensive rules for agent oversight, outsourcing practices, and the mandatory relinquishment of unclaimed customer funds to the central bank after a specified holding period.
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