Regulatory Alerts2005-11-24
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Bank of Zambia Circular 08/2005: Replacement of Old Bank Operating Licences
The Bank of Zambia requires all commercial banks to surrender their outdated operating licences, originally issued under the 1994 Banking and Financial Services Act, in exchange for new licences compliant with Chapter 387 of Zambian law. Institutions must physically return the original documents to the central bank for cancellation before receiving the updated certificates. The regulatory authority has set a firm compliance deadline of December 31, 2005, for this mandatory licence replacement process.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
November 24, 2005
CB CIRCULAR No: 08/2005
To: All Commercial Banks
REPLACEMENT OF OLD LICENCES FOR BANK OPERATIONS
The above matter refers.
As you may be aware banks have been operating under licences that were issued under the old Act, the Banking and Financial Services Act, 1994. (BFSA) and there is therefore need to replace these with the new ones that take into account all amendments that have been effected to the BFSA to-date, and any other amendments that may be made in the future.
New licences are therefore being issued pursuant to the provisions of the Banking and Financial Services Act, Chapter 387 of the Laws of Zambia as opposed to a specific provision of the Act.
In this regard, we request that banks that have not had their old licences replaced with new ones issued under the Banking and Financial Services Act, Cap 387 do so by surrendering the original copy of the old licence for cancellation before a new one can be issued. Banks should surrender their old licences to the Bank of Zambia no later than December 31, 2005.
Yours faithfully
Denny H Kalyalya (Dr)
REGISTRAR – BANKS AND FINANCIAL INSTITUTIONS
Cc:
Governor
Deputy Registrar of Banks and Financial Institutions
Director – Bank Supervision
Bank Secretary
Bank Square, Cairo Road P. O. Box 30080, Lusaka, Zambia Tel: +260 -1-226844 Fax: +260-1-237070 Email: dkalyaly@boz.zm Web: http://www.boz.zm/
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