2024-08-02

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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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Bank of Zambia Act, 2022Bank of Zambia Act, 2022National Payment Systems Act, 2…National Payment Systems Act, 2007Directives on UnwarrantedCharges and Fees on Electroni…2024-08-02 · this documentDirectives on Unwarranted Charges and Fees on Electronic Money Services (2024-08-02)
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Source: Bank of Zambia — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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