Regulatory Alerts2020-08-21
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Go-Live Dates for Phase Two of the National Financial Switch
The Bank of Zambia requires all commercial banks to onboard the Mobile Payments Module of Phase Two of the National Financial Switch according to a staggered schedule. The implementation timeline spans October and November 2020, assigning specific pilot and go-live dates to three distinct banking groups. Failure to meet these deadlines will trigger penalties under Section 43 of the National Payment Systems Act, enabling instant bank-to-bank and wallet transactions.
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