Regulatory Alerts2015-01-01
Bank of Zambia Circular on Interest Earnings for Electronic Money Issuer Trust Accounts
The Bank of Zambia mandates that effective 1 February 2015, balances held in electronic money issuers' trust accounts at commercial banks must begin earning interest. Issuers are required to negotiate and submit interest terms for regulatory review, maintain separate records of accrued interest for monthly reporting, and exclusively allocate these funds toward customer education or other regulator-approved activities. These interest earnings are excluded from mandatory reserve requirements and remain subject to examination by the central bank or its appointed auditors to ensure compliance.
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