RegAlertRule · BOZ · 10 Sep 2019
Extension of Go-Live Date for Point of Sale Functionality on the National Financial Switch
The Bank of Zambia extends the mandatory go-live date for Point of Sale functionality on the National Financial Switch to September 30, 2019, following industry readiness assessments and commercial bank appeals. This directive mandates that all commercial banks activate their POS systems by the new deadline to avoid regulatory penalties. Non-compliant institutions will incur daily fines, automatically debited from their accounts, in accordance with Regulation 7 of the National Payment Systems Directives.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/bcps/am
September 10, 2019
CB Circular No. : 07/2019
To : All Heads of Commercial Banks
EXTENSION OF GO LIVE DATE FOR POINT OF SALE FUNCTIONALITY ON THE NATIONAL FINANCIAL SWITCH
Kindly be advised that the Bank of Zambia has held discussions with the Zambia Electronic Clearing House Limited to assess the readiness of the industry to implement the Point of Sale (POS) functionality on the National Financial Switch by 31st August 2019 and has noted that a significant number of banks remain unprepared. In order to ensure smooth implementation of the POS functionality, and following an appeal from commercial banks, the Bank of Zambia directs as follows:
- The Point of Sale (POS) functionality on the National Financial Switch will now go live on September 30, 2019.
In line with Regulation 7 of the National Payment Systems Directives No. 98 of 2015 on the implementation of the National Financial Switch, any bank that will fail to comply with this directive shall be levied penalties for each day of not being live on the system. The penalties will accrue to each bank for every calendar day that the respective bank remains non-compliant and the Bank shall debit the accounts of respective commercial banks.
Kindly be guided accordingly.
Francis Chipimo (PhD)
DEPUTY GOVERNOR – OPERATIONS
Cc
Governor
Deputy Governor – Administration
Director – Banking Currency and Payment Systems Director – Bank Supervision
Bank Square, Cairo Road, P.O. Box 30080, Lusaka. Zambia Tel: +260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
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The links and the sentences they come from (1)
- Issued under
- National Payment Systems Directives No. 98 of 2015 on the implementation of the National Financial SwitchNot in RegAlert
“In line with Regulation 7 of the National Payment Systems Directives No. 98 of 2015 on the implementation of the National Financial Switch”
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