National Payment System Act, 2026 (No. 5 of 2026)
ZambiaAct of Parliament2026No. No. 5 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. Check the Gazette before relying on it.
The National Payment System Act, 2026 (No. 5 of 2026) is an Act of the Parliament of Zambia enacted in 2026. It contains 172 sections. Read its sections below, or ask Levy any question about the National Payment System Act, 2026 (No. 5 of 2026) and get an answer grounded in the Act with citations.
Sections of the National Payment System Act, 2026 (No. 5 of 2026)
- S. 1Short title and commencement
- S. 2Interpretation
- S. 3Application
- S. 4Administration of Act
- S. 5Functions of Bank
- S. 6Delegation to agent
- S. 7Appointment of Registrar and Deputy Registrar
- S. 8National Payment System
- S. 9Participation of Bank in National Payment System
- S. 10Payment services
- S. 11Prohibition of providing payment service without licence
- S. 12Name clearance
- S. 13Application for licence
- S. 14Grant of application for licence
- S. 15Rejection of application for licence
- S. 16Withdrawal of application for licence
- S. 17Validity of licence
- S. 18Display of licence
- S. 19Variation of terms and conditions of licence
- S. 20Amendment of licence on change of name of licensee
- S. 21Surrender of licence
- S. 22Transfer or assignment of licence
- S. 23Suspension or cancellation of licence
- S. 24Duplicate licence
- S. 25Commencement of business to provide payment service
- S. 26Authorisation to provide payment service by Bank
- S. 27Opening or closing of branch or subsidiary
- S. 28Representative office
- S. 29Designation of payment service providers
- S. 30Notice of designation
- S. 31Variation or withdrawal of designation
- S. 32Prohibition of introducing or making changes to payment
- S. 33Application for authorisation to introduce or make changes
- S. 34Approval of service charges
- S. 35Functions of board
- S. 36Meetings of board initiated by Bank
- S. 37Appointment of director or senior officer
- S. 38Reporting obligations of board or director
- S. 39Annual declaration of material interests and material
- S. 40Disclosure of interest or relationship by director or senior
- S. 41Suspension or dismissal of director or senior officer by
- S. 42False or misleading statement or obstruction
- S. 43Fit and proper test requirements for shareholder, director
- S. 44Removal of shareholder
- S. 45Corporate governance charter
- S. 46Ownership of shares by trusts
- S. 47Ownership and voting control limits
- S. 48Anti-competitive practices
- S. 49Prohibition of anti-competitive practices
- S. 50Anti-competitive agreement or arrangement
- S. 51Collateral contracts
- S. 52Coercive behaviour
- S. 53Prohibition of imposing barriers to switch
- S. 54Fair treatment of consumers and charter
- S. 55Disclosure of charges and other information
- S. 56Regulation of charges or fees
- S. 57Data protection and disclosure of information
- S. 58Sharing of customer data
- S. 59Complaints procedure for consumers
- S. 60Ombudsperson for consumer protection
- S. 61Control of advertisements
- S. 62Prohibition of unfair business practices
- S. 63Unfair contract or unfair contractual term
- S. 64Consumer protection and market conduct returns
- S. 65Monitoring of market conduct
- S. 66Presentment of cheque for payment
- S. 67Alternative methods of presentment of cheque for payment
- S. 68Admissibility of cheque
- S. 69Payment system rules
- S. 70Settlement arrangement
- S. 71Payment instruction or settlement instruction finality or
- S. 72Failure to settle arrangement
- S. 73Collateral
- S. 74Manner and form of participation in payment system with
- S. 75Electronic money issuance and circulation
- S. 76Purchase or redemption of electronic money by agent
- S. 77Offence under Part
- S. 78Provision of payment aggregation service
- S. 79Offence under Part
- S. 80Provision of money transfer service
- S. 81Sending or withdrawal of money by agent
- S. 82Offence under Part
- S. 83Prohibition of effecting corporate restructuring transaction
- S. 84Corporate restructuring transaction
- S. 85Application for approval to effect corporate restructuring
- S. 86Effect of corporate restructuring transaction
- S. 87Minimum capital requirements
- S. 88Undercapitalised payment service provider
- S. 89Payment service provider incurring large losses
- S. 90Payment of dividend by undercaptialised payment service
- S. 91Supervisory action by Bank
- S. 92Grounds for possession of payment service provider by
- S. 93Notice of taking possession
- S. 94Appointment of possession manager
- S. 95Petition to Minister to constitute tribunal
- S. 96Powers and duties of Bank on taking possession
- S. 97Statement of affairs
- S. 98Resolution options
- S. 99Establishment of Resolution Fund
- S. 100Effects of possession
- S. 101Restructuring or reorganisation as resolution option
- S. 102Restriction on execution of judgment on payment service
- S. 103Voluntary winding-up
- S. 104Surrender of licence, notification and repayment after
- S. 105Notification of insolvency proceedings, receivership or
- S. 106Insolvency, winding-up or receivership of payment service
- S. 107Insolvency, winding-up or receivership of electronic money
- S. 108Payment instruction, netting or settlement on insolvency,
- S. 109Lodgment of declaration of insolvency, winding-up order
- S. 110Winding-up of payment service provider by Bank
- S. 111Bank as liquidator
- S. 112Customer’s statement and filing of claims
- S. 113Objection to liquidation schedule
- S. 114Payment of claims
- S. 115Priority ranking of claims
- S. 116Insufficient funds for payment of claims
- S. 117Reserve account for wound-up payment service provider
- S. 118Final distribution in winding-up
- S. 119Undistributed funds
- S. 120Immunity of Bank against customer or creditor claims
- S. 121Investigations
- S. 122Inspection of payment service providers
- S. 123Obstruction of investigation or inspection
- S. 124Protection of customer funds
- S. 125Safeguarding unclaimed customer funds or dormant
- S. 126Unsafe or unsound practices
- S. 127Identification documentation for customer due diligence
- S. 128Duty to notify
- S. 129Duty to report cyber security incidents
- S. 130Restriction on use of name or symbol or false representation
- S. 131Dishonoured cheque or direct debit instruction
- S. 132Validity of transactions by payment service provider
- S. 133Retention of records
- S. 134Documents
- S. 135Guidelines for financial innovation
- S. 136Guidelines for regulation, supervision and oversight of
- S. 137Returns
- S. 138Continuing acts or offences
- S. 139Offences by principal officers of body corporate or
- S. 140General penalty
- S. 141Administrative penalty
- S. 142Immunity
- S. 143Moratorium
- S. 144Exemption
- S. 145Disputes between payment service providers
- S. 146Decision of Bank and right to be heard
- S. 147Right of appeal
- S. 148Constitution of tribunal
- S. 149Decision of tribunal
- S. 150Register of payment service providers
- S. 151Regulatory statements
- S. 152Regulations
- S. 153Repeal of Cap. 359 and savings and transitional provisions
- S. IPRELIMINARY PROVISIONS
- S. IIADMINISTRATION
- S. IIITHE NATIONAL PAYMENT SYSTEM
- S. IVLICENSING AND AUTHORISATION OF PAYMENT SERVICE PROVIDERS
- S. IXPRESENTMENT AND ELECTRONIC TRANSMISSION OF CHEQUES IN THE PROVISION OF PAYMENT SERVICES
- S. VDESIGNATION OF PAYMENT SERVICE PROVIDERS
- S. VICHANGES TO PAYMENT SERVICES, GOVERNANCE STRUCTURES, OPERATIONS AND SERVICE CHARGES
- S. VIICORPORATE GOVERNANCE
- S. VIIIFINANCIAL CONSUMER PROTECTION AND MARKET CONDUCT
- S. XPAYMENT, CLEARING, NETTING AND SETTLEMENT
- S. XIELECTRONIC MONEY
- S. XIIPAYMENT AGGREGATION
- S. XIIIMONEY TRANSFER
- S. XIVCORPORATE RESTRUCTURING TRANSACTION INVOLVING A PAYMENT SERVICE PROVIDER
- S. XIXGENERAL PROVISIONS
- S. XVCAPITAL REQUIREMENTS AND SUPERVISORY ACTION
- S. XVIPOSSESSION OF PAYMENT SERVICE PROVIDER BY THE BANK
- S. XVIIWINDING-UP, INSOLVENCY OR RECEIVERSHIP OF PAYMENT SERVICE PROVIDERS
- S. XVIIIINVESTIGATIONS AND INSPECTIONS