Regulatory Alerts2019-01-01
Transaction Processing Hub Directive 2019
Issued by the Registrar of Financial Institutions under the Financial Services Act, this directive mandates registered or licensed microcredit agencies, microfinance institutions, and SACCOs to join the centralized transaction processing hub. Entities must establish compliant infrastructure for direct operation or interface, secure board oversight, and utilize the platform to enhance transaction efficiency, mobile applications, and regulatory reporting. Non-compliant organizations face initial monetary penalties of up to ten million Kwacha alongside additional monthly charges, with a mandatory compliance window of twelve months following the directive's commencement.
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