Regulatory Alerts2020-01-01
National Payment Systems Directives on Domestic Automated Teller Machine, Point of Sale, Internet Transactions and Mobile Payments
The Bank of Zambia issued these directives to consolidate and standardize retail payment systems across the country, mandating that all commercial banks and licensed payment service providers process domestic transactions through the National Financial Switch. The regulations prohibit merchants and payment service providers from imposing surcharges on consumers for using electronic payment devices, require full disclosure of all applicable fees prior to each transaction, and explicitly forbid charging customers for failed transactions caused by technical failures. Compliance is enforced by the board of directors and senior management of payment service providers, with violations subject to administrative penalties, daily fines, imprisonment, or both under the National Payment Systems Act.