Regulatory Alerts2020-01-01
Revision of Transaction and Balance Limits on E-Money
The Bank of Zambia has issued Circular 01/2020 to upwardly revise transaction and balance limits for electronic money issuers and money transfer businesses, aiming to promote digital financial services. The directive eliminates caps for agents and corporate wallets while significantly increasing daily transaction and maximum balance thresholds for individual, farmer, and enterprise clients across tiered KYC levels. All regulated entities must immediately implement these revised limits alongside strict Know-Your-Customer protocols and robust anti-money laundering frameworks, with non-compliance subject to regulatory penalties.
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