The Bank of Zambia has removed transaction and balance limits on agents and corporate wallets and increased the limit for individuals in a bid to help reduce cash transactions in the wake of the Covid-19 pandemic.
The Central Bank has also removed charges on all person-to-person e-money transactions valued up to K150 until April 30, 2020.
Per day transaction limits for 1st and 2nd tier individuals and small scale farmers and non incorporated enterprises have been increased to K20,000, K100,000 and K1,000,000 respectively.
In a statement, the Bank stated that it has also reduced the Zambia Interbank Payment and Settlement System (ZIPSS) processing fees in order to increase the use of the Real Time Gross Settlement System
“Electronic money issuers shall not charge for person-to-person e-money transactions valued up to K150. This will apply until 30 th April, 2020. The current Anti-Money Laundering and Countering Terrorism Financing (AML/CFT) measures will continue to apply.In addition, the Bank of Zambia has also reduced the Zambia Interbank Payment and Settlement System (ZIPSS) processing fees. This is meant to increase the use of the Real Time Gross Settlement System. Mobile money agents and the public are encouraged to practice good hygiene as stipulated in the Ministry of Health guidelines. Combating the pandemic requires concerted effort from every Zambian,” read the statement.
“In the wake of COVID -19 (coronavirus), the Bank of Zambia in consultation with commercials banks and payment service providers, wishes to announce a set of measures aimed at reducing cash transactions and facilitating increased use of mobile money transactions. The immediate objective is to reduce the risk of transmission of COVID – 19 through the handling of cash.”