Banking and Financial Services Act
ZambiaAct of Parliament
Still in force, for now.Bfsa 2026 has been passed to replace it, but it only starts on a date the Minister sets by statutory instrument. Check whether that has happened before relying on either.
In force, and amended by 1 amendment Act. Check the amendments before relying on the wording of a section.
The Banking and Financial Services Act is an Act of the Parliament of Zambia. It contains 136 sections. Read its sections below, or ask Levy any question about the Banking and Financial Services Act and get an answer grounded in the Act with citations.
Sections of the Banking and Financial Services Act
- S. 1Short title
- S. 2Interpretation
- S. 3Application of this Act
- S. 4Licensing of companies as banks
- S. 5Determination of applications
- S. 6Application for licences to be refused in certain cases
- S. 7Investigation of applicants
- S. 8Authorised activities of banks in addition to taking of deposits
- S. 9Branches of banks
- S. 10Grant of licence
- S. 11Application of certain provisions of this Chapter to financial
- S. 12Branches of financial institutions
- S. 13Conditions of licences
- S. 14Duration of licences
- S. 15Licences not transferable
- S. 16Revocation of licences
- S. 17Prohibition of Unlicensed business
- S. 18Repayment of funds
- S. 19The Register
- S. 20The Registrar
- S. 21Use of Register in evidence
- S. 22Inspection of Register
- S. 23Limitation on voting control
- S. 24Ownership
- S. 25Meaning of "corporate restructuring transaction"
- S. 26Prohibition of prescribed transactions
- S. 27Consent to corporate restructure, etc.
- S. 28Investigation of applicants for consent
- S. 29Effect of amalgamation or transfer
- S. 30Application of Parts 1 and 2 to incorporated financial
- S. 31Qualification of Directors and senior officers
- S. 32Directors from outside to be in the majority
- S. 33Conduct of directors, chief executive officers, chief financial
- S. 34Indemnity of directors and others
- S. 35Disclosure of interests
- S. 36False statements and obstruction of inspection
- S. 37Suspension or dismissal of directors and managers
- S. 38Variation of corporate constitutions
- S. 39Amendment of constitution by Bank of Zambia
- S. 40Interest rates and charges
- S. 41Collateral contracts
- S. 42Other laws not affected
- S. 43Principal administrative office
- S. 44Display of names
- S. 45Use of licensed name
- S. 46Holidays
- S. 47Disclosure of interest rate and charges
- S. 48Customer complaints
- S. 49Advertisement by licensee
- S. 50Confidentiality
- S. 51Records of constitution and of compliance with this Act
- S. 52Credit documentation
- S. 53Manner of keeping records
- S. 54Retention of records
- S. 55Maintenance of records
- S. 56Annual financial statements
- S. 57Statement as to subsidiaries
- S. 58Reserves for bad and doubtful debts
- S. 59Approval of annual financial statements
- S. 60Monthly statements
- S. 61Publication of financial statements
- S. 62Appointment of auditor
- S. 63Disqualification of auditor
- S. 64Auditor's report
- S. 65Resignation or termination of appointment of auditor
- S. 66Immunity of auditor
- S. 67Audit committee
- S. 68Repealed by Act No. 18 of 2000
- S. 69Reserves
- S. 70Liquid assets
- S. 71Deficiency of liquid assets or prudential liquidity ratio
- S. 72Prohibition of unsecured borrowing
- S. 73Limitations on granting advances
- S. 74Constraints on contracts with related persons
- S. 75Limitations on equity Investments
- S. 76Unclaimed funds or personal property
- S. 77Unsafe and unsound practices
- S. 78Examination of banks
- S. 79Scope of examination
- S. 80Inspection of representative offices
- S. 81Supervisory actions
- S. 82Special reserve or liability insurance
- S. 83Capital adequacy
- S. 84Notice of taking possession
- S. 85Precedence of this Act Conflict of laws
- S. 86Meaning of "insolvent"
- S. 87Acceptance of deposits by insolvent banks
- S. 88Approval of Bank of Zambia required for voluntary winding
- S. 89Duties of bank on voluntary liquidation
- S. 90Notice of voluntary winding up and liquidation
- S. 91Rights of depositors and creditors
- S. 92Distribution of assets on voluntary liquidation
- S. 93Powers of Bank of Zambia if assets insufficient or completion
- S. 94Repealed by Act No. 18 of 2000
- S. 95Repealed by Act No. 18 of 2000
- S. 96Repealed by Act No. 18 of 2000
- S. 97Repealed by Act No. 18 of 2000
- S. 98Repealed by Act No. 18 of 2000
- S. 99Repealed by Act No. 18 of 2000
- S. 100Repealed by Act No. 18 of 2000
- S. 101Compulsory liquidation, winding up or dissolution
- S. 102Power of Bank of Zambia to appoint agent
- S. 103Effect of compulsory dissolution etc.
- S. 104Powers of Bank of Zambia in effecting compulsory liquidation
- S. 105Limitation of filing of claims
- S. 106Objections to liquidation schedule
- S. 107Priority of creditors
- S. 108Accounts after distribution of assets
- S. 109Unclaimed funds
- S. 110Final distribution in compulsory liquidation
- S. 111Reasons for decisions and right to be heard
- S. 112Right of appeal
- S. 113Appointment and convening of Tribunal
- S. 114Powers of Tribunal
- S. 115Decision of Tribunal
- S. 116Investigations
- S. 117Use of the word "bank"
- S. 118Misleading and unlicensed names
- S. 119Restriction on use or registration of banking and related names
- S. 120Validity of certain acts by banks
- S. 121Documents
- S. 122Extension of time limits
- S. 123Immunity of Bank of Zambia officials, etc.
- S. 124Regulations
- S. 125Guidelines
- S. 126Bank of Zambia's report
- S. 127False documents
- S. 128Penalty for offences where no specific penalty provided
- S. 129Offences by body of persons
- S. 130Exemptions
- S. 131Repeal of Cap. 700 and savings
- S. called "the customer's statement") of the nature and amount for
- S. IPRELIMINARY
- S. IILOAN REVIEW SYSTEM AND RELATED POLICIES AND PROCEDURES
- S. IIIDETERMINATION AND TREATMENT OF NON-ACCRUAL LOANS AND RELATED ACCOUNTS
- S. IVDETERMINATION OF AMOUNT OF POTENTIAL LOSS AND CLASSIFICATION OF LOANS