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Zambia Government Gazette dated 2021-09-10 number 7036

REPUBLIC OF ZAMBIA

GOVERNMENT GAZETTE
Price:
K15.00 net
Annual Subscription: Within Lusaka—K400.00

No. 7036] Lusaka, Friday, 10th September, 2021 [Vol. LVII, No. 87
— aa

Gazette Notice No. 643 or 2021 “Applicant” means a person that files an application for
The National Payment Systems Act designation as a Payment System Business offering
Act No. 1 Of 2007) money transfer services, under the National Payment
Systems Act of 2007:
The National Payment Systems (Money Transfer Services)
Directives, 2021 “Bank” means the Bank of Zambia established under Article
213 (1) of the Constitution and section 3 of the Bank of
Wuereas, the Bank is entrusted with the responsibility of Zambia Act;
regulating, overseeing and maintaining an efficient and safe payment
system in Zambia; and “Compensation” means any fee, commission, or other
benefit;
WHEREAS, it is the intention of the Bank to protect the integrity
“Control” means any of the following:
of the payment, clearing and settlement system,
(a) Ownership directly or indirectly, of least
Now THEREFORE, in exercise of the powers contained in Section
twenty-five percent of a class of voting
forty-three of the National Payment Systems Act, 2007 the
securities or voting interests of a designated
following Directives are hereby made
entity or person in control of a Money Transfer
PART I Service Provider.
PRELIMINARY (b) Power to control,directly or indirectly, more than
Short title twenty-five percent of a class of voting
1. These Directives may be cited as the National Payment securities or voting interests of a designated
Systems (Money Transfer Services) Directives, 2021. entity or person in control of a Money Transfer
Service Provider.
Application
(c) Power to elect a majority of executive officers,
2. These Directives shall apply to any person conducting or managers, directors, trustees, or other persons
offering to conduct Money Transfer Services in Zambia. exercising managerial authority of a Money
Transfer Service Provider or person in control
Authority of the Bank
of a Money Transfer Service Provider.
3. (1) The Bank shall be the regulatory authority for the (d) The power to exercise, directly or indirectly, a
purpose of giving effect to these Directives. controlling influence over the management or
(2) The Bank may, subject to such conditions as it may consider policies of a Money Transfer Service Provider
necessary, delegate to any person the performance of any of the or person in control of a Money Transfer
Service Provider;
powers conferred upon the Bank, in these Directives.
“Customer Funds” comprise the following
(3) The Bank may require a Money Transfer Services Provider
to furnish it with details of any of its operations. (a) Sums of funds received from customers by a
Money Transfer Service Provider or its Agents
_ (4) The Bank may require access to the Money Transfer Services
for the purpose of remitting the funds to the
Provider’s operations data, including records at commercial bank(s)
intended beneficiary; or
and non-bank financial institution(s) maintaining the Customer
Funds Account and the records of its Agents. (b) Sums of funds received by a Money Transfer
Service Provider or its Agents for the benefit of
Interpretation
customers.
4. In these Directives, unless the context otherwise requires:
“Customer Funds Account” means a bank account held in
“Act” means the National Payment Systems Act No. | of trust by a Money Transfer Services Provider, in which
2007;” the Money Transfer Services Provider stores all customer
funds which are not redeemed by the intended beneficiary
Agent” means a person or entity appointed by a Money
within 48 hours after receipt of the funds by the Money
Transfer Services Provider to provide money transfer
Transfer Services Provider or its agent;
services on its behalf;
“Designation” means the authorization granted by the Bank
to enable an entity to operate money transfer services in
Zambia;
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