Banking and Financial Services (Payment of Fees) Regulations, 1995

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10th November, 1995 Statutory Instruments 607 GOVERNMENT OF ZAMBIA STATUTORY INSTRUMENT No. 180 of 1995 The Banking and Financial Services Act (Act No. 21 of 1994) The Banking and Financial Services (Payment of Fees) Regulations, 1995 In EXERCISE of the powers contained in section one hundred and twenty-four of the Banking and Financial Services Act, 1994, as read with section four, ten, thirteen and twenty-two, and on the recommendation of the Bank of Zambia, the following Regulations are hereby made:

1. These Regulations may be cited as the Banking and Financial
   Services (Payment of Fees) Regulations, 1995.
   Title
2. The fees set out in the Schedule, shall be paid in respect of the
   services set out in that Schedule.
   Fees
3. Fees payable under these Regulations shall be paid by a bank
   certified cheque, postal order or money order in favour of the Bank of Zambia, provided that such payments may be allowed where the fee is deliverd by hand. Method of payment of fees
4. The fees paid under these Regulations shall not be refundable. Fees non￾refundable
5. (1) A bank or financial institution which is operational during the
   month of January of a particular year shall pay the annual licence fee not later than the 31st of January of that year. (2) A bank or financial institution which is registered after the 31st of January of a particular year shall, before the end of the month in which it is so registered, pay a proportion of the annual licence fee equivalent to the number of full months it would be in operation for that year, multiplied by the annual licence fee. Annual licence fee Copies of this Statutory Instrument can be obtained from the Government Printer, P.O. Box 30136, 10101, Lusaka. Price K230.00 each.

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10th November, 1995 Statutory Instruments 608
6. A bank or financial institution which fails to pay the full amount
of the applicable licence fee prescribed for a particular period shall, in addition to such licence fee, pay for each month or part thereof during which it remains in contravention, a penalty calculated at the rate of twenty per centum of the licence fee remaining upaid from the date the payment became due. Penalty for failure to pay a fee
7. Fees and penalties collected under these Regulations shall accrue
to the Bank of Zambia and shall be used for the benefit of the Bank of Zambia. Fees and penalties to accrue to Bank of Zambia
SCHEDULE
(Regulation 2)

1. Application for a licence
   to conduct banking services K5,000,000
2. Application for a licence to conduct
   a regulated financial service business K3,000,000
3. Annual licence fee-banking
   business K2,500,000
4. Annual licence fee-financial
   service business K1,500,000
5. Inspection of the Register of Banks
   and Financial Institutions K10,000
   LUSAKA R. D. S. PENZA
   6th November 1995 Minister of Finance [MOF.101/16/95]