Regulatory Alerts2016-01-01
Revision of Item Value Limits on Cheques and Electronic Funds Transfers
The Bank of Zambia has revised the Item Value Limits for local and foreign cheques, direct debits, and direct credits to encourage broader adoption of electronic payment methods. The directive explicitly prohibits splitting cheques to circumvent these thresholds, mandating a 25% penalty fee on paying banks that is collected monthly by the Zambia Electronic Clearing House. These updated limits, which repeal the prior circular, take effect 180 days from issuance and remain subject to standard compliance penalties under the National Payment Systems Act.
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