RegAlertRule · BOZ · 9 Mar 2001
Deposit Mobilisation Through Raffles, Lotteries and Competitions Sponsored by Banks and Financial Institutions
The Bank of Zambia requires all commercial banks and financial institutions to secure prior regulatory approval before conducting raffles, lotteries, or competitions to mobilize customer deposits. Issued by Deputy Governor Dr. Abraham Mwenda, this directive operationalizes compliance measures outlined in a preceding February 2001 circular. Financial entities must obtain this advance authorization to ensure all promotional deposit-gathering activities align with central banking standards.
Tel. 228888/228903-20
BANK OF ZAMBIA
P.O. BOX 30080
Lusaka
10101
March 9, 2001
CB Circular No 12/2001
To: All Commercial Banks and Financial Institutions
Dear Sirs/Madam
DEPOSIT MOBILISATION THROUGH RAFFLES, LOTTERIES AND COMPETITIONS SPONSORED BY BANKS AND FINANCIAL INSTITUTIONS
Further to our Circular No 11/2001 of 27 February 2001, we write to advise that any bank or financial institution wishing to mobilize deposits through raffles, lotteries and competitions should seek prior approval of the Bank of Zambia.
Yours faithfully
Dr Abraham Mwenda
Deputy Governor - Operations
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- Amends
“Further to our Circular No 11/2001 of 27 February 2001, we write to advise that any bank or financial institution wishing to mobilize deposits through raffles, lotteries and competitions should seek prior approval of the Bank of Zambia.”
Timeline
This document amends: Bank of Zambia Circular 11/2001: Ban on Deposit Mobilisation Through Raffles, Lotteries, and Competitions
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