Regulatory Alerts2013-01-14
Added · Updated
Bank of Zambia Circular 03/2013 on Issuance of CTS Compliant Cheques
The Bank of Zambia mandates all commercial banks to issue Cheque Truncation System compliant cheques to customers before 1 February 2013. This requirement ensures the effective transition to the new clearing system, as non-compliant cheques will cease to be cleared through the Cheque Truncation System from that date. The directive applies to all current account holders to prevent disruption in payment processing.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
14 January 2013
CB Circular No.: 03/2013
TO : All Commercial Banks
ISSUANCE OF CHEQUE TRUNCATION SYSTEM COMPLIANT CHEQUES TO CUSTOMERS
The Bank of Zambia wishes to remind commercial banks that the Cheque Truncation System (CTS) will be implemented on 1st February 2013. Therefore, non CTS cheques will not be cleared through the Cheque Truncation System effective 1st February 2013. For the effective management of this transition, commercial banks are urged to ensure that all current account holders are issued with CTS compliant cheques before 1st February 2013.
Kindly be advised accordingly.
Bwalya K. E. Ng'andu (Dr)
DEPUTY GOVERNOR – OPERATIONS
Cc:
Governor
Deputy Governor – Administration
Acting Director – Banking, Currency & Payment Systems
Manager – ZECHL
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax:260-211-237070 E-mail: bngandu@boz.zm. http://www.boz.com
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