The Banking and Financial Services Act: Chapter 387 of the Laws of Zambia

This paper is 'The Banking and Financial Services Act' as legislated by the Republic of Zambia. Besides providing guidelines on the above subject, the prime objective of the Act is to safeguard the interest of investors and customers. The significant contents of the chapters are briefly summed up as follows:

• Interpretation of the application of this Act and definitions of common terms used;
• The requirements for obtaining and operating a banking license for different entities;
• The kind of organization and administration essential for any financial entity under the purview of this law;
• Guidelines for conduct and business practices of financial institutions while dealing with the public at large;
• Corporate governance norms which the financial institutions need to abide by;
• The conditions in case of insolvency;
• Recourse to appeals against decisions taken either by the Registrar or the Bank of Zambia.

The paper concludes with a miscellaneous chapter that deals with other significant issues not mentioned herewith, and incorporates four schedules specifying the particular chapters applicable to different class of institutions, assets and liabilities.