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BANK Of ZAMBIA SADC PAYMENT SYSTEMS PROJECT ZAMBIA PROGRESS REPORT FOR THE PERIOD APRIL 2010 TO MARCH 2011

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BANK Of ZAMBIA

SADC PAYMENT SYSTEMS PROJECT

ZAMBIA PROGRESS REPORT

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1 INTRODUCTION

This report reviews the developments that took place in the Zambian National Payment System between April 2010 and March 2011. During the period under review, the Bank of Zambia in consultation with various stakeholders continued to implement some initiatives intended to enhance effectiveness, efficiency, safety and soundness of the payment systems.

2 ZAMBIA INTER-BANK PAYMENT AND SETTLEMENT SYSTEM

During the year under review, one new bank was designated as participants on the Zambia Inter-bank Payment and Settlement System (ZIPSS) bringing the total number of participants to eighteen (18).

The operations of the ZIPSS remained stable with system availability being maintained at 99.7% at end of 2010.

The volume of transactions processed increased by 13% to 176,353 transactions (2009/10: 153,354) with the transaction volumes peaking in December 2010. The total value of transactions processed similarly, increased by a 35% to K304.47 billion (2009/10: K196,73 billion).

The increase in the volume and values of transactions is attributed to an increase in both the volume and values of interbank transactions and foreign exchange transactions during the period under review.

Chart 1 Month VOLUMES VALUES 2008/2009 2009/2010 2010/2011 % Change (2008/09 vs. 2009/10) 2008/2009 2009/2010 ZMK Billions 2010/2011 ZMK Billions % Change (2008/09 vs. 2009/10) Apr 11,015 11,083 12,589 14% 14,344 15,812 16,002 1% May 11,227 10,950 13,051 19% 16,912 15,100 15,468 2% Jun 11,013 11,603 14,326 23% 20,014 17,670 23,790 35% Jul 12,645 15,616 14,267 -9% 18,908 18,248 23,548 29% Aug 11,020 12,028 15,050 25% 20,518 17,678 31,019 75% Sep 11,316 13,088 16,549 26% 20,160 18,711 28,088 50% Oct 13,043 13,620 14,863 9% 26,926 17,188 27,964 63% Nov 12,118 12,736 14,863 17% 21,855 14,143 31,103 120% Dec 13,133 14,542 17,079 17% 19,323 17,812 36,006 102% January 12,974 12,077 13,104 9% 21,532 14,191 19,954 41% February 10,103 12,682 14,727 16% 17,625 15089 20,086 33% March 10,698 13,329 16,340 23% 17,551 15083 31,445 108% Totals 140,305 153,354 176,353 15% 235,668 196,727 304,473 55%

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3 SETTLEMENT SYSTEM DEVELOPMENTS AND PROJECTS 3.1 LINKING OF LUSAKA STOCK EXCHANGE TO ZIPSS/RTGS

During the period under review, the Bank of Zambia worked with the Lusaka Stock Exchange, Bankers Association of Zambia to finalise the Guarantee Fund Settlement rules for settlement of the Lusaka Stock Exchange (LuSE) trades onto the Zambia Interbank Payment and Settlement System/Real Time Gross Settlement System (ZIPSS/RTGS). The commercial banks signed off the rules which will facilitate for the implementation of the project. It is expected that will be concluded by end 2011.

4 RETAIL SYSTEM DEVELOPMENTS AND PROJECTS

4.1 NATIONAL SWITCH PROJECT

The Bank of Zambia has been working with various stakeholders to put in place a National Switch. The procurement process of the national switch was restarted after which the switch is expected to be implemented. The switch will allow extension of payment services through convenient electronic payments and it is therefore expected to extend banking and payment services to the unbanked.

4.2 CHEQUE TRUNCATION PROJECT

The project to implement a Cheque Truncation System made some progress during the period under review.

The Bankers Association of Zambia with the Zambia Electronic Clearing House Limited (ZECHL) resolved that the current clearing system at ZECHL be upgraded to make it truncation ready. This was expected to reduce the project costs since a number of banks are already using the current system. A study tour was undertaken to Malawi which has a similar system in place. This was carried out as part of the due diligence as well as to have a better understanding of the truncation system in Malawi.

The Cheque Truncation System is expected to go live in February 2012.

5.0OVERSIGHT DEVELOPMENT INITIATIVES 5.1 DIRECTIVES ON E-MONEY ISSUANCE

The drafted e-money regulations that will guide and regulate the issuance of electronic money have reached an advanced stage. The directives apply to all issuers of e-money including mobile payment solutions providers and stored value card issuers. These regulations are expected to be issued early 2012.

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5.2 DESIGNATION OF PAYMENT SYSTEMS, PARTICIPANTS AND BUSINESSES

The Bank of Zambia successfully designated three (1) additional Payment Systems Participants, bringing the total number of designated entities to four (4) payment systems, seventeen (18) payment system participants and thirty (30) payment system businesses. Below is a table showing the payment systems, businesses and participants that have been designated so far.

1. DESIGNATED PAYMENT SYSTEMS AS AT MAY 2011

Operator Institution Payment system(s) When designated

1 Zambia Electronic Clearing House Ltd

PIC and DDACC April 2008 2. Zamlink e-Switch Postilion April 2008

3. Bank of Zambia ZIPSS/RTGS

April 2008

2. DESIGNATED PAYMENT SYSTEM PARTICIPANTS AS AT MAY 2011 Name of Designated

Payment System

Participant

Payment systems designated to participate on

When Designated

1. Access Bank PIC, DDACC and ZIPSS/RTGS October 2008 2 African Banking

Cooperation

PIC, DDACC and ZIPSS/RTGS April 2008 3. Bank of china PIC, DDACC and ZIPSS/RTGS April 2008 4. Barclays Bank PIC, DDACC and ZIPSS/RTGS April 2008 5. Cavmont Capital PIC, DDACC and ZIPSS/RTGS April 2008 6. Citibank PIC, DDACC and ZIPSS/RTGS April 2008 7. Ecobank PIC, DDACC and ZIPSS/RTGS

8. Finance Bank PIC, DDACC and ZIPSS/RTGS April 2008 9. First Alliance Bank PIC, DDACC and ZIPSS/RTGS April 2008 10. First National Bank PIC, DDACC and ZIPSS/RTGS June, 2009 11. Indo Zambia Bank PIC, DDACC and ZIPSS/RTGS April 2008 12. Intermarket Banking Corp. PIC, DDACC and ZIPSS/RTGS April 2008 13. Investrust Bank PIC, DDACC and ZIPSS/RTGS April 2008 14 Stanbic Bank PIC, DDACC and ZIPSS/RTGS April 2008 15. Standard Chartered Bank PIC, DDACC and ZIPSS/RTGS April 2008 16. United Bank for Africa PIC, DDACC and ZIPSS/RTGS March 2010 17. ZANACO PIC, DDACC and ZIPSS/RTGS April 2008 18 International Commercial

bank

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3. DESIGNATED PAYMENT SYSTEM BUSINESS IN ZAMBIA AS AT MAY 2011 Name of Designated Payment System Business Type of business designated to operate When Designated

A. MOBILE PAYMENT SYSTEMS 1 Celpay Zambia

Limited

Proprietary Mobile Payments May 2008

2 Mobile Payment Solutions

Proprietary Mobile Payments July 2009 3 ZMP Limited Proprietary Mobile Payments April 2010 4 Mobile Transactions

Zambia Ltd

Proprietary Mobile Payments October 2009 B. MONEY TRANSFER SERVICES

5. Mobile Transactions Zambia Ltd

Proprietary Local Money Transfers October 2009 6. Celpay Zambia

Limited

Proprietary Local Money Transfers December 2009 7. National Savings

and Credit Bank

Proprietary Local Money Transfer July 2009 8. Money Express

Limited

Cash4Africa Local Money transfer October 2008

9. Zampost Cash4Africa Local Money Transfer December 2009 10. NECOR Transtech Cash4Africa Local Money Transfer July 2008

11. Runnymede Money Transfer

Coinster International Money transfer

September 2008 12. Bayport Mobile Payments Solutions (MPS)

Local Money Transfer

December 2009 13. United Bank for

Africa

Money Gram International Money transfer

December 2009 14. Finance Bank

Zambia

Money Gram International Money transfer

September 2008 15. Stanbic bank Money Gram International Money

transfer

January 2009 16. ZANACO Money Gram International Money

transfer

September 2008 17. Investrust bank Money Gram International Money

transfer

July 2009 18. CFB Money Transfer

Limited

Money Gram International Money transfer

December 2009 19. Money Link Zambia

Limited

MoneyLineUK International Money transfer

December 2009 20. Ecobank Western Union International

Money transfer

December 2009 21. PostDotNet Western Union International

Money transfer

October 2009 22. Fredex Western Union International

Money transfer

December 2009 23. Cactus Financial

Services

Western Union International Money transfer

September 2008 24. Zampost Western Union International

Money transfer

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25. Standard Chartered Bank

Western Union International Money transfer

October 2008 26. Access Bank Western Union International

Money transfer

July 2009 27. Brookfield Limited

T/A Genesis Global Finance

World Link International Money transfer

October 2008

C. CARD BASED SOLUTIONS 28. FX Africa Bureau de

Change

Pre-paid Payment Card October 2008

29. Calltrol/Pan African Building Society

Debit card transaction switching December 2008

D. ELECTRONIC VALUE DISTRIBUTION 30. Zamswitch Zambia

Limited

References

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