Bank of Zambia Circular 9/2021 on Temporal Revision of Financial Services Operating Hours Due to COVID-19

The Bank of Zambia issued Circular No. 9/2021 to revise operating hours for Financial Services Providers in response to escalating COVID-19 cases. Institutions maintaining standard schedules must enforce Ministry of Health preventative measures, while those adjusting hours must adhere to minimum operating windows of 08:15–14:00 on weekdays and 08:30–11:00 on weekends. The central bank will evaluate temporal branch closure requests on a case-by-case basis, granting exceptional approvals to entities demonstrating implementation challenges.

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BANK of ZAMBIA

OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS

BOZ/EXEC/DGO/banksup/am
June 17, 2021

CB Circular No. : 9/2021
To : All Financial Services Providers

TEMPORAL REVISION OF OPERATING HOURS DUE TO ESCALATING COVID-19 CASES

Reference is made to CB Circular No. 12/2020 wherein the Bank of Zambia reviewed operating hours for Financial Service Providers (FSPs) following the outbreak of the Covid-19 pandemic. We also refer to the Bankers Association of Zambia (BAZ) letter dated 15 June 2021 regarding the impact that increasing number of COVID-19 cases is having on the operations of commercial banks.

In order to minimise disruption to the smooth provision of financial services in the country, the Bank of Zambia wishes to guide as follows:

FSPs that wish to maintain normal operating hours, to better serve their customers and avoid unnecessary panic are urged to continue, on condition that COVID-19 preventative measures are implemented as guided by the Ministry of Health.
FSPs that are considering adjusting business operating hours must maintain the following minimum operating hours, after a proper assessment of the situation has been undertaken:

i. Weekdays: To open from 08:15 hours and close at 14:00 hours; and
ii. Weekends: To open from 08:30 hours and close at 11:00 hours.

In this regard, the Bank of Zambia will continue to review applications for temporal closure of branches due to COVID-19 on a case-by-case basis and exceptional approvals will be granted to FSPs that have challenges in implementing COVID-19 prevention measures.

The Bank of Zambia will continue to monitor the situation and provide further guidance.

Please be advised accordingly.

Francis Chipimo (PhD)
DEPUTY GOVERNOR – OPERATIONS

Director – Bank Supervision
Director – Banking and Currency
Acting Director – Payment Systems
General Counsel and Bank Secretary
Chairperson – Bankers Association of Zambia

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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This document amends: Temporary Closure of Branches and Revision of Operating Hours in View of the COVID-19 Pandemic