Regulatory Alerts2021-01-01
Final Deadline for Phase II of the National Financial Switch Implementation
The Bank of Zambia, in consultation with the Zambia Electronic Clearing House Limited, has set a final deadline of June 30, 2021, for all commercial banks to onboard every applicable Phase II National Financial Switch use case. Non-compliance with this implementation mandate will incur a daily penalty of fifty thousand penalty units, calculated and billed monthly after the deadline. Financial institutions must dedicate adequate resources to meet this requirement and avoid accumulating sanctions.
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