Bfsa 2026
ZambiaAct of Parliament2026No. 9 of 2026
Passed, but not shown to be in force. It starts on a date the Minister sets by statutory instrument, and no commencement order is recorded here. Until it starts, Banking and Financial Services Act still applies. Check the Gazette before relying on it.
The Bfsa 2026 is an Act of the Parliament of Zambia enacted in 2026. It contains 231 sections. Read its sections below, or ask Levy any question about the Bfsa 2026 and get an answer grounded in the Act with citations.
Sections of the Bfsa 2026
- S. 1Short title and commencement
- S. 2Interpretation
- S. 3Application of Act
- S. 4Administration of Act
- S. 5Functions of Bank
- S. 6Delegation of functions
- S. 7Appointment of Registrar and Deputy Registrar
- S. 8Power to determine licensing criteria for financial service
- S. 9Types of licences
- S. 10Prohibition of conducting banking business or providing
- S. 11Name clearance
- S. 12Application for licence to conduct banking business or
- S. 13Grant of application for licence
- S. 14Rejection of application for licence
- S. 15Validity of licence
- S. 16Display of licence
- S. 17Transfer, pledge, assignment or encumbrance of licence
- S. 18Variation of licence
- S. 19Amendment of licence
- S. 20Surrender of licence
- S. 21Suspension or cancellation of licence
- S. 22Duplicate licence
- S. 23Moratorium
- S. 24Prohibition for opening or closing of service centre, branch,
- S. 25Application to open or close service centre, branch,
- S. 26Representative office
- S. 27Register of financial service providers
- S. 28Publication of financial service providers
- S. 29Prohibition of acquiring shares, beneficial interest, become
- S. 30Application for approval to acquire shares, beneficial
- S. 31Ownership of shares in financial service provider by
- S. 32Notification of adverse information on shareholder or party
- S. 33Charge, use of shares as collateral or encumbrance by
- S. 34Limit on voting control
- S. 35Voting control limits for financial business
- S. 36Restriction on ownership of shares by trusts
- S. 37Prohibition of effecting corporate restructuring transaction
- S. 38Corporate restructuring transaction
- S. 39Application for approval to effect corporate restructuring
- S. 40Effect of corporate restructuring transaction
- S. 41Responsibilities of directors
- S. 42Board meetings initiated by Bank
- S. 43Qualifications for appointment as director or senior officer
- S. 44Independent non-executive directors to be in majority
- S. 45Composition of board of financial business
- S. 46Balance of skills, diversity and expertise of director
- S. 47Reporting obligations of board and directors
- S. 48Conduct of director or senior officer
- S. 49Disclosure of interest
- S. 50Suspension or dismissal of director or senior officer by
- S. 51Fit and proper requirements for shareholder, director or
- S. 52Corporate governance standards and practices
- S. 53Environmental, social and governance practices
- S. 54Principal administrative office
- S. 55Change of physical address of principal administrative office
- S. 56Use and alteration of name
- S. 57Business hours
- S. 58Bank holiday
- S. 59Minimum capital requirements
- S. 60Capital conservation buffer
- S. 61Counter-cyclical capital buffer
- S. 62Designation of bank or financial institution as systemically
- S. 63Systemically important capital buffer
- S. 64Prohibition of payment of dividend by bank or financial
- S. 65Application for approval to pay dividend by bank or financial
- S. 66Capital distribution constraints
- S. 67Leverage ratio
- S. 68Loan to deposit ratio
- S. 69Loan to value of assets ratio and loan to income ratio
- S. 70Revision of risk weights
- S. 71Liquidity coverage ratio and net stable funding ratio
- S. 72Maintenance of liquidity
- S. 73Additional liquidity
- S. 74Constraints on contracts with associated person, insider or
- S. 75Submission of information and returns
- S. 76Consolidated supervision
- S. 77Affiliates and cross border supervision and resolution
- S. 78Unsafe and unsound practice
- S. 79Supervisory action
- S. 80Secured borrowing
- S. 81Limitations on granting credit facilities
- S. 82Restriction on trade
- S. 83Restriction on equity investments
- S. 84Restriction on lease or other interest in real property
- S. 85Dealings with shell bank
- S. 86Limits and restrictions on financial business and financial
- S. 87Exemption of alternative financial services
- S. 88Annual financial statements
- S. 89Presentation of annual financial statement to shareholders
- S. 90Reserve for bad and doubtful debts
- S. 91Approval of annual financial statements
- S. 92Publication of financial statements
- S. 93Appointment of external auditor
- S. 94Disqualification for appointment as external auditor
- S. 95Responsibilities of external auditor
- S. 96Duties of external auditor
- S. 97Information by external auditor to Bank
- S. 98Access to information and auditor’s report
- S. 99Termination of appointment of external auditor
- S. 100Statement on resignation of external auditor
- S. 101Termination of appointment of external auditor by financial
- S. 102Regulation and supervision on financial consumer protection
- S. 103Anti-competitive practices
- S. 104Prohibition of anti-competitive practices
- S. 105Collateral contracts
- S. 106Coercive behavior
- S. 107Misconduct during debt collection
- S. 108Prohibition of barriers to switch
- S. 109Fair treatment of consumers and charter
- S. 110Disclosure of interest rates and charges
- S. 111Prohibition of introducing new charge or increasing existing
- S. 112Application for introducing new charge or increasing existing
- S. 113Publication of fees, rates, terms and conditions
- S. 114Responsible finance
- S. 115Right to rescind contract
- S. 116Unfair contract or unfair contract term
- S. 117Prepayment of credit transactions
- S. 118Prohibition against penal interest
- S. 119Recoverable amounts on non-performing loan
- S. 120Disclosure of information
- S. 121Control of advertisements
- S. 122Data protection and disclosure of information
- S. 123Open finance
- S. 124Complaints procedure for consumers
- S. 125Consumer protection and market conduct returns
- S. 126Monitoring of market
- S. 127Arrangement or assistance for vulnerable consumer
- S. 128Financial ombudsperson for financial service providers
- S. 129Actions by Bank on contravention of Part
- S. 130Bank as resolution authority
- S. 131Functions of Bank as resolution authority
- S. 132Placing bank or financial institution in resolution
- S. 133Power to take possession
- S. 134Notice of resolution
- S. 135Appointment of resolution manager
- S. 136Petition to Minister to constitute Tribunal
- S. 137Powers and duties of Bank on resolution
- S. 138Statement of affairs
- S. 139Resolution options
- S. 140Restructuring or reorganisation
- S. 141Establishment and winding-up of bridge institution
- S. 142Bail-in
- S. 143Back-stop funding for resolution
- S. 144Creditor safeguards
- S. 145Impediments in orderly resolution of bank or financial
- S. 146Effects of resolution
- S. 147Restriction on execution of judgment against assets of bank
- S. 148Recovery of expenses
- S. 149Grounds for liquidation
- S. 150Restrictions of bank or financial institution
- S. 151Restriction of action by third parties
- S. 152Resolution to voluntarily wind-up financial service provider
- S. 153Duties of financial service provider on voluntary winding-up
- S. 154Notice of voluntary winding-up
- S. 155Rights of depositors or creditors to payments, funds and other
- S. 156Distribution of assets on voluntary winding-up
- S. 157Powers of Bank where assets are insufficient, or completion
- S. 158Powers of Bank in compulsory winding-up
- S. 159Powers of Bank as liquidator
- S. 160Immunity of Bank against depositor, creditor or bailor claims
- S. 161Limitation on filing of claims
- S. 162Objection to liquidation schedule
- S. 163Priority of creditors
- S. 164Reserve account for wound-up financial service provider
- S. 165Debt restructuring or write-off for wound-up financial service
- S. 166Final distribution in compulsory winding-up
- S. 167Undistributed funds
- S. 168Power of Bank in relation to insolvent financial business
- S. 169Termination of liquidation process
- S. 170Anti-money laundering and countering terrorism financing
- S. 171Anti-money laundering and countering financing of
- S. 172Records to be kept and maintained
- S. 173Credit documentation
- S. 174Manner of keeping records
- S. 175Retention of records
- S. 176Maintenance of records
- S. 177Reasons for decisions and rights to be heard
- S. 178Right of appeal
- S. 179Constitution of tribunal
- S. 180Decisions of tribunal
- S. 181Examination of financial service providers
- S. 182Obstruction of examination
- S. 183Investigations
- S. 184Regulation of lending interest rates
- S. 185Netting of claims
- S. 186Enforceability of close-out netting agreements
- S. 187Financial inclusion
- S. 188Authorised activities of banks
- S. 189Access to documents
- S. 190Offences committed partly in and partly out of Republic
- S. 191Use of word “bank”
- S. 192Restriction on use of name of financial service provider
- S. 193Validity of certain acts by financial service provider
- S. 194Power to summon officer, director or shareholder
- S. 195Submission of information and documents to Bank
- S. 196Protection of persons providing information under Act
- S. 197Authorisation to provide alternative financial service
- S. 198Publication of information
- S. 199Extension of period to furnish document or information
- S. 200False document
- S. 201Money circulation schemes
- S. 202Utilisation of collateral for settlement of certain obligations
- S. 203Special reserve account, insurance and commitment
- S. 204Unclaimed funds and personal property
- S. 205Industry reports
- S. 206Continuing acts or offences
- S. 207Offences by principal officers of body corporate or
- S. 208General penalty
- S. 209Administrative penalty
- S. 210Immunity
- S. 211Exemption
- S. 212Regulatory statements
- S. 213Regulations
- S. 214Repeal of Cap. 387 and Cap. 398 and savings and
- S. IPRELIMINARY PROVISIONS
- S. IIADMINISTRATION
- S. IIILICENSING OF FINANCIAL SERVICE PROVIDERS
- S. IVOWNERSHIP AND CONTROL OF FINANCIAL SERVICE PROVIDERS
- S. IXFINANCIAL STATEMENTS AND ACCOUNTABILITY
- S. VCORPORATE GOVERNANCE
- S. VIBUSINESS OPERATIONS OF FINANCIAL SERVICE PROVIDERS
- S. VIIPRUDENTIAL REGULATION AND SUPERVISION
- S. VIIIRESTRICTIONS ON TRANSACTIONS OF FINANCIAL SERVICE PROVIDERS
- S. XFINANCIAL CONSUMER PROTECTION AND MARKET CONDUCT
- S. XIRESOLUTION
- S. XIIINSOLVENCY, DISSOLUTION AND LIQUIDATION OF FINANCIAL SERVICE PROVIDERS
- S. XIIIANTI-MONEY LAUNDERING AND COUNTERING TERRORISM FINANCING AND PROLIFERATION FINANCING
- S. XIVREPORTING OBLIGATIONS
- S. XVAPPEALS
- S. XVIEXAMINATIONS AND INVESTIGATIONS
- S. XVIIGENERAL PROVISIONS