What does it take to get an e-money licence in Zambia?
To hold an e-money licence in Zambia, you need the Electronic Money Institution licence from Bank of Zambia. Published timeline: Processing: determination within 90 days of a complete application. Validity: indefinite (until suspended/cancelled/surrendered; certificate valid while annual fee paid). Commencement: business must start within 18 months of grant. 7 entities currently hold an e-money licence in Zambia. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“E-money issuance” here is the normalized activity: Issue stored-value / electronic money redeemable at par and hold the customer float. The category of licence that lets a provider keep customers' money.
Activity id (as used by the Afriset MCP): fintech:EMONEY_ISSUE
Electronic Money Institution
Bank of Zambia| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | Not officially published: Initial capital: no published number — "as prescribed by the Bank." Continuing capital ≥ 2% of the float. | BoZ, National Payment Systems Directives on Electronic Money Issuance, 2018 — Gov Gazette No. 6661, Notice 394 of 2018, 27 Apr 2018 | 2018-04-27 |
| Local presence / incorporation | Body corporate; PACRA incorporation; local head office/branches; ZICA-registered auditor; local bankers. Foreign company licensable if a PSP adequately supervised at home. Verbatim“A person that is not a corporate shall not be issued with a licence under this Act. … may be granted to a foreign company registered in the Republic if the … foreign company is a payment service provider in the country where the … principal place of business is located…” | National Payment System Act, 2026 (Act No. 5 of 2026) — enabling Act, categories + delegation | 2026-04-08 |
| Timeline | Processing: determination within 90 days of a complete application. Validity: indefinite (until suspended/cancelled/surrendered; certificate valid while annual fee paid). Commencement: business must start within 18 months of grant. Verbatim“…within a period of ninety (90) days from the date of receipt of the duly completed application. … A licence issued under this Act shall remain valid unless suspended or cancelled by the Bank or surrendered by a licensee. … A licensee shall commence a business … within eighteen months from the date a licence is granted…” | BoZ, Requirements for Designating a Payment System, February 2025 | 2025-02 |
| Local ownership | No local-shareholding %. Board control instead: majority of directors resident in Zambia; min 3 board members; fit-and-proper significant shareholders. Verbatim“(a) … a minimum of three (3) board members … (c) Majority of the number of appointed directors shall be resident in Zambia.” | BoZ, Requirements for Designating a Payment System, February 2025 | 2025-02 |
| Fees | Not officially published: Application: "prescribed fee" — no amount. Annual designation fee to keep the certificate valid — no amount. | National Payment System Act, 2026 (Act No. 5 of 2026) — enabling Act, categories + delegation | 2026-04-08 |
| Ongoing obligations | Trust safeguarding of float in a Holding Account at a BoZ-approved bank (aggregate ≥ outstanding e-money liabilities; segregated; ring-fenced in liquidation); issue only against pre-deposited funds; no lending/investing the float; monthly returns by 6th business day; incident report within 48h; 10-year record retention; ZICA external auditor; AML per Financial Intelligence Centre Act; ZMW denomination. Verbatim“An E-money institution shall hold customer funds in trust on behalf of its customers in a Holding Account. … The aggregate value of the Holding Account shall at least equal the total outstanding e-money liabilities at all times. … issue electronic money only after equivalent cash is deposited in a holding account…” | BoZ, National Payment Systems Directives on Electronic Money Issuance, 2018 — Gov Gazette No. 6661, Notice 394 of 2018, 27 Apr 2018 | 2018-04-27 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Who already holds this licence?
7 entities are on the Bank of Zambia register under the Electronic Money Institution category — view the register .
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