Regulatory Alerts2015-07-10
Added · Updated
Bank of Zambia National Payment Systems Directives on Electronic Money Issuance 2015
The Bank of Zambia has issued the National Payment Systems Directives on Electronic Money Issuance 2015 to regulate and supervise all authorized electronic money issuers in the country. The directives mandate that e-money institutions maintain dedicated holding accounts in trust, meet minimum and continuing capital requirements equal to at least two percent of outstanding liabilities, and adhere to strict transaction limits, Know Your Customer rules, and customer fund protection standards. Non-bank issuers are restricted from engaging in lending or unrelated business activities, must obtain prior authorization to outsource key functions, and the directives take immediate effect upon publication.