Select Countries and Regions

Zambia

National Financial Switch (NFS)

Scheme name: National Financial Switch (NFS)

IIPS Type: Cross-domain

Instruments: E-money, Card

Channels: Browser, App, POS, USSD, ATM, Branch, Agent

Use cases: Transfers & remittances (P2P), Merchant payments (P2B), Inventory & business services (B2B), Salaries & wages (B2P)

Inclusivity level: Progressed

Year of establishment: 2019

System owner: ZECHL (member banks and Bank of Zambia)

Overseer: Bank of Zambia

Operator: ZECHL

Total Participants: 30

Volumes 2023: 99,102,490

Values 2023: 2,830,236,060 USD

Back to mapMore information about this topic
CategoryNational Financial Switch (NFS)
Geographic reachDomestic
Geographic descriptionZambia
Scheme governanceZECHL
Settlement agentBank of Zambia
Participants - commercial banks17
Participants - MMOs3
Participants - non-bank PSPs5
Participants - MFIs5
Volumes 20197,254,803
Volumes 20209,993,805
Volumes 202125,250,681
US$ Exchange Rate 30 April26.5303
Values 2019180,574,923 USD
Values 2020306,725,341 USD
Values 2021644,903,395 USD
Values 20221,684,312,651 USD
Values 2023 not-on-us transactions (US$)2,830,236,060 USD
Values 2023 on-us transactions (US$)N/A
Total value of instant payment transactions 2023 (US$)2,830,236,060 USD
Interoperability arrangementPayment system operator
Ownership modelJointly owned
Governance TypologyPPP
Scheme rules shared or publically available?Yes
Messaging standardISO 8583
Types of proxy IDsMobile phone number
Use of open APIsNo
QR code standard N/A
Pro-poor governanceYes
CB governance involvementYes
Expanded use casesNo
Minimum channel functionalityYes
Minimum use case functionalityYes
All licensed PSPs can participate (all-to-all interoperability)Yes
RecourseNo
Not-for-lossYes
StatusReached progressed level, potential for mature level
Strengths/driversFulfilment of progressed criteria as well as a already fulfilling the not-for-loss business model provides a good base to reach mature level.
Areas of developmentAreas of development include expanding use cases as well as developing consumer recourse requirements.

African IPS Map

Selected Country
Live IPS
IPS in development
No data
Select region to view data