Regulatory Alerts2018-01-01
Date of Implementation of the Bank of Zambia Prohibition Against Unwarranted Charges and Fees Directives
The Bank of Zambia designates September 4, 2018 as the effective date for its Prohibition Against Unwarranted Charges and Fees Directives of 2018. Promulgated via Government Gazette Number 6693 on August 31, 2018, the directives legally mandate financial service providers to eliminate unwarranted charges and fees. All heads of financial institutions must align their billing practices with these requirements immediately upon implementation.
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/legal/bp
September 3, 2018
CB Circular No. : 10/2018
To : All Heads of Financial Service Providers
DATE OF IMPLEMENTATION OF THE BANK OF ZAMBIA PROHIBITION AGAINST UNWARRANTED CHARGES AND FEES DIRECTIVES OF 2018
Reference is made to the captioned matter.
Please be advised that the Bank of Zambia Prohibition Against Unwarranted Charges and Fees Directives of 2018 have been promulgated into law by Government Gazette Number 6693 of August 31, 2018.
Pursuant to Directive Number 9, the Bank of Zambia hereby designates September 4, 2018 as the effective date on which the said Directives shall come into force.
Kindly be advised accordingly.
[Signature]
Bwalya K. E. Ng’andu (Dr.) DEPUTY GOVERNOR – OPERATIONS
Cc Governor Director – Legal Services Director – Bank Supervision Director – Non Bank Financial Institutions Supervision Director – Banking, Currency and Payment Systems
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax:260-211-237070 E-mail:dgo@boz.zm Web: http://www.boz.zm