Regulatory Alerts2015-01-01
Added · Updated
Bank of Zambia Circular 03/2015: Revision of Penalty Fees on Insufficiently Funded Accounts
The Bank of Zambia requires all commercial banks to apply revised penalty fees for cheques and direct debit instructions issued on insufficiently funded accounts. This adjustment follows Statutory Instrument No. 8 of 2014, which increased the penalty unit value from eighteen to twenty ngwee. Consequently, individual account penalties increase to K340 and corporate penalties rise to K560.
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