Regulatory Alerts2013-01-31
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Bank of Zambia Circular 06/2013 Implementation of Cheque Truncation System
The Bank of Zambia mandates the implementation of the Cheque Truncation System (CTS) for all commercial banks effective February 1, 2013. Non-CTS cheques issued after January 31, 2013 will not be cleared through the system, while those issued prior to this date will be cleared bilaterally via the Zambia Electronic Clearing House. Banks failing to provide CTS cheques must offer alternative payment arrangements, such as managers' cheques or RTGS, to customers at no cost.
BANK of ZAMBIA
DEPUTY GOVERNOR - OPERATIONS
January 31, 2013
CB Circular No: 06/2013
To : All Commercial Banks
IMPLEMENTATION OF CHEQUE TRUNCATION SYSTEM
The Bank of Zambia is pleased to announce the implementation of the Cheque Truncation System (CTS) with effect from 1st February, 2013. Consequently, non CTS cheques issued after the cut-off date of 31st January 2013 will not be cleared through the cheque truncation system. However, non CTS cheques issued prior to 1st February 2013 will be cleared bilaterally in accordance with guidelines issued by the Zambia Electronic Clearing House.
Banks that fail to provide CTS cheques to customers after change-over are expected to provide alternative payment arrangements for their customers at no cost. This includes Managers cheques, RTGS and other electronic payment systems.
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://boz.zm
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