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ZAMBIA ELECTRONIC CLEARING HOUSE LIMITED, ZEP-RE BUSINESS PARK, 7TH FLOOR
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The National Financial Switch (NFS) is a crucial component of the financial infrastructure in Zambia, facilitating seamless electronic transactions across various banks and financial institutions. The switch went live on 23 September 2018 switching ATM transactions and eventually was upgraded to switch POS and E-money transactions by the year 2019. The National Switch will also open up to integrate to regional payment systems within SADC, COMESA and beyond to support cross boarder systems. Currently the National Switch is processing all domestic card transactions on POS and ATM within Zambia with mobile switching went live in quarter one of 2020
ZECHL role among others is the management of the National Financial Switch (NFS) – a key financial sector infrastructure aggregating domestic Automated Teller Machines (ATMs), Point-of-Sale (POS) machines and Electronic Money transactions from local commercial banks and financial institutions in real time. The financial institutions include payment system providers and mobile network operators (MNOs)
Facilitation of movement of funds from one account of a participant to another with improved efficiency and security in a batched system. ZECHL processes debit and credit funds transfers collectively referred to as Direct Debit and Credit Clearing (DDACC).
Net Settlement Positions and report generation for its clients. This process is done after payment instructions for DDACC CIC, ATM, POS and E-Money are netted. The ZECHL is also responsible for notifying the Bank of Zambia of the Net Settlement Positions of participating commercial banks and financial institutions at designated settlement times.
Cheque Clearing operability. A critical process used for clearing cheques using images as opposed to using physical cheques known as Cheque Image Clearing (CIC). The CTS has shortened and standardized the clearing period across the country to one clearing day and thus facilitate early access to funds by customers. Further it has reduced the scope for clearing related frauds, minimized the cost of clearing cheques, reduced reconciliation problems and eliminated logistics problems.
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