Regulatory Alerts2007-04-12
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National Payment Systems Act, 2007
The Parliament of Zambia enacted this Act to regulate, supervise, and manage payment, clearing, and settlement systems to ensure the stability and safety of the national financial system. The Bank of Zambia is empowered to designate payment systems and businesses, issue directives to control systemic risk, and enforce compliance through penalties and suspension powers. The legislation also establishes legal frameworks for cheque presentment, electronic transmission, settlement finality, and the resolution of participant failures.
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