Regulatory Alerts2018-01-01
National Payment Systems Directives on Electronic Money Issuance 2018
Issued by the Bank of Zambia, these 2018 Directives repeal the previous regulations and mandate that all electronic money issuers and commercial banks secure authorization or designation while maintaining minimum capital of two percent against outstanding e-money liabilities. The framework requires strict safeguarding of customer funds in designated holding and collection accounts, enforces specific transaction and balance limits, and establishes clear procedures for unclaimed e-money relinquishment after two years with a six-year claim window. Additionally, the directives regulate how interest earned on holding accounts may be utilized for customer benefits and industry-wide interoperability projects.
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