Regulatory Alerts2020-04-07
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Bank of Zambia Banking and Financial Services (Classification and Provisioning of Loans) Directives, 2020
The Bank of Zambia has issued the 2020 Classification and Provisioning of Loans Directives to standardize how financial service providers classify loans and allocate provisions. These directives take effect immediately upon the revocation of the 1996 Regulations and require all providers to implement updated reporting and risk assessment protocols. Institutions must familiarize themselves with the attached framework to ensure full regulatory compliance ahead of the transition.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/legal/bp
April 7, 2020
CB Circular No. : 11/2020
To : All Heads of Financial Service Providers
BANKING AND FINANCIAL SERVICES (CLASSIFICATION AND PROVISIONING OF LOANS) DIRECTIVES, 2020
The Bank of Zambia has issued the Banking and Financial Services (Classification and Provisioning of Loans) Directives, 2020 which will take effect immediately the Banking and Financial Services (Classification and Provisioning of Loans) Regulations, 1996 (Statutory Instrument No. 142 of 1996) is revoked.
All financial service providers are asked to familiarize themselves with the Banking and Financial Services (Classification and Provisioning of Loans) Directives, 2020 in preparation for implementation.
The Banking and Financial Services (Classification and Provisioning of Loans) Directives, 2020 are hereby attached for reference.
Be advised accordingly.
Francis Chipimo (PhD)
DEPUTY GOVERNOR – OPERATIONS
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel: +260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
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