 regulates the operations of banks, financial institutions, and financial providers in Zambia.){kind=link}
The Banking and Financial Services Act (BFSA) of Zambia is a law that was enacted in 2017 to provide a regulatory framework for the banking and financial services industry in Zambia. The Banking and financial Services Act (Cap 387) regulates the operations of banks, financial institutions, and other money services providers in Zambia.
The BFSA sets out the requirements for the licensing and supervision of banks and financial institutions operating in Zambia. It also provides for the establishment of the Bank of Zambia, which is the central bank of Zambia and responsible for implementing monetary policy, regulating and supervising the banking sector, and maintaining financial stability.
The BFSA also sets out the legal framework for the protection of consumers of financial services in Zambia. Banking and financial Services Act (Cap 387) establishes the Banking Services Consumer Protection Board, which is responsible for ensuring that financial institutions in Zambia comply with consumer protection laws and regulations.
The BFSA also provides for the regulation of payment systems in Zambia and the establishment of the Payment Systems Council, which is responsible for overseeing the operation of payment systems in Zambia.
Overall, the BFSA of Zambia is a critical piece of legislation that provides a comprehensive regulatory framework for the banking and financial services industry in Zambia, aimed at promoting financial stability, consumer protection, and the efficient operation of the financial system in the country. Download Banking and income services Act (Cap 387) pdf below