Regulatory Alerts2024-01-01
Directives on Unwarranted Charges and Fees on Electronic Money Services
The Bank of Zambia issued directives prohibiting electronic money institutions from imposing unwarranted charges such as wallet opening, PIN resets, dormant wallet closure, balance inquiries, and failed transaction fees. The regulations also cap fees for cash-outs, cross-network transfers, wallet-to-bank transactions, and merchant collection fees to promote consumer protection and financial inclusion. Institutions must publicly display these fee schedules and face fines or imprisonment for non-compliance.
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