Regulatory Alerts2020-08-21
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Go-Live Dates for Phase II of the National Financial Switch
The Bank of Zambia mandates all commercial banks to onboard the Mobile Payments Module of Phase II of the National Financial Switch according to a staggered three-group schedule. This module facilitates instant bank-to-bank and wallet-to-wallet transactions, with pilot testing periods scheduled between October and November 2020 followed by mandatory full go-live dates. Banks that fail to comply with the specified deadlines will face penalties in accordance with Section 43 of the National Payment Systems Act.
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