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Zambia

National Financial Switch (NFS)

Scheme name: National Financial Switch (NFS)

IIPS Type: Cross-domain

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

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CategoryNational Financial Switch (NFS)
Geographic reachDomestic
Geographic descriptionZambia
Scheme governanceZECHL Board of Directors
Settlement agentBank of Zambia
Participants - commercial banks19
Participants - MMOs3
Participants - non-bank PSPs4
Participants - MFIs4
Volumes 2018-
Volumes 2019-
Volumes 202025,000,000
Volumes 202125,240,000
Values 2018- USD
Values 2019- USD
Values 2020379,074,702 USD
Values 2021610,913,238 USD
Values 20222,088,883,903 USD
GNI20,225,790,733
GNI (%)10%
Interoperability arrangementThird party
Ownership modelJointly owned
Governance TypologyPPP
Messaging standardISO 8583
Types of proxy IDsMobile phone numbers
Use of open APIsN/A
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

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