RegAlert2021-03-01
Added · Updated
Bank of Zambia Circular 01/2021 on Reinstatement of Transaction Fees for Mobile Money Transfers Below K150
The Bank of Zambia has authorized mobile money service providers to reinstate transaction fees on person-to-person transfers below K150, effective March 15, 2021. Providers are permitted to charge up to 70 percent of the fee rates that applied prior to the previous suspension, as outlined in this circular which supersedes CB Circular No. 25/2020. The central bank will conduct detailed research on the industry-wide impact of the prior fee reduction to inform future regulatory dialogue on mobile money pricing.
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BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/psd/bp
March 1, 2021
PSB Circular No. : 01/2021
To : All Heads of Mobile Money Service Providers
REINSTATEMENT OF TRANSACTION FEES ON TRANSFERS BELOW K150
The Bank of Zambia reviewed the request for reinstatement of transaction fees on person to person mobile money transfers for amounts below K150.00. In this regard, kindly be advised that authorization has been granted for Mobile Money Service Providers to charge up-to 70 percent of the fees prior to the suspension. This measure is effective March 15, 2021.
This circular replaces CB Circular No. 25/2020. Please note that the Bank will conduct a detailed research on the industry wide impact of the reduction in fees. The results of the research will inform future dialogue on this matter.
Francis Chipimo (PhD)
DEPUTY GOVERNOR – OPERATIONS
cc
Governor
Deputy Governor – Administration Director – Banking and Currency Director – Bank Supervision Director – Non-Bank Financial Institutions Supervision Bank Secretary and General Counsel
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Lineage: In force
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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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