Zambia Statutory instrument

Zambia legislation

Banking and Financial Services (Microfinance) Regulations, 2006

This text refers to the name and address of the Microfinance Institution. A description of any property to be used as security must include its location. This provision refers to a description of…

application formsborrowing costcapital requirementscollateraldisbursementexpiryguaranteesinterest ratelendingloan principalloan repaymentloan termsloansmicrofinance licensingmortgage chargesoffersproperty descriptionregulatory feessecuritystatement contents

Jurisdiction: Zambia
Structure: 16 provisions
Citation: SI 3 of 2006
Dates: As at 30 Jan 2006

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Dates: As at 30 Jan 2006

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Purpose and legislative effect

“This text refers to the name and address of the Microfinance Institution.”

This text refers to the name and address of the Microfinance Institution. A description of any property to be used as security must include its location. This provision refers to a description of any guarantee or other collateral. It states when the first payment on the loan is due. The section describes what the loan principal includes for mortgages.

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These Regulations may be cited as the Banking and Financial Title

This text refers to the name and address of the Microfinance Institution.

Section 1

Application for licence

The section describes what the loan principal includes for mortgages.

Section 7

Revocation oflicence

This provision defines the period in which an offer to a customer remains valid before it expires.

Section 12

Services to be provided by deposit taking microfinance institution

A list of each charge to be financed is required.

Section 15

02% of monthly average

This fragment mentions 0.02% of the monthly average deposit for the preceding 12-month period, with amounts shown as K1,000,000.00 and K600,000.00, but the surrounding rule is unclear.

Section 0

Source and current-law status

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Source record from zambialii.org · As at 30 Jan 2006

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Showing 16 of 16 provisions

Provision 15Offence

§ 1These Regulations may be cited as the Banking and Financial TitleProvision

This text refers to the name and address of the Microfinance Institution.

1 . The name and address o f the Microfinance Institution.

Section 1Verify source

§ 3ApplicationProvision

A description of any property to be used as security must include its location.

3. A description of any property to be used as security and its location.

Section 3Verify source

§ 4Authority of Bank of ZambiaProvision

This provision refers to a description of any guarantee or other collateral.

4. A description of any guarantee or other collateral.

Section 4Verify source

§ 5Power of Bank of Zambia to call for informationProvision

It states when the first payment on the loan is due.

5. The date when the first payment on the loan is due.

Section 5Verify source

§ 7Application for licenceProvision

The section describes what the loan principal includes for mortgages.

7. The principle of the loan, including: In the case of any Mortgage, whether it is first, second, etc. (a) the total amount of all charges to be financed; and (b) the net amount of money to be paid to the borrower or to be disbursed at the borrower's discretion.

Section 7Verify source

§ 8Determination oflicenceProvision

The provision refers to a rate of interest stated as a per-annum rate, where that rate does not vary.

8. The rate of interest expressed as a rate per annum, if that rate does not vary.

Section 8Verify source

§ 9Scope and duration oflicenceProvision

If the interest rate changes over time, the initial rate is expressed as a per annum rate.

9. The initial rate of interest expressed as a rate per annum, if the rate varies from time to time

Section 9Verify source

§ 10(1) A microfinance institution shall display or exhibit itsProvision

The provision requires a description of the factors that could make the interest rate vary and the length of the loan term.

10. A description any factors that would cause the rate of interest to vary. I L The length of the term of the loan.

Section 10Verify source

§ 12Revocation oflicenceProvision

This provision defines the period in which an offer to a customer remains valid before it expires.

12. The period during which an offer to a customer is valid before it expires,

Section 12Verify source

§ 13Licensee to honour obligations inspite ofrevocanon oflicenceProvision

This provision refers to a description of factors that would cause a loan term to vary.

13. A description of any factors that would cause the term of the loan to vary.

Section 13Verify source

§ 14Categories ofMicrofinance InstitutionsProvision

The provision says the total cost of borrowing over the loan term is expressed as a rate that changes over time.

14. The total cost of borrowing over the term of the loan expressed as a rate varies from time to time

Section 14Verify source

§ 15Services to be provided by deposit taking microfinance institutionProvision

A list of each charge to be financed is required.

15. A list of each charge to be financed.

Section 15Verify source

§ 16Services to be provided by non-deposit taking microfinance institutionProvision

16. A description of any temlS and conditions applicable to pre-payment of the principle

Section 16Verify source

§ 17Applicants to designated persons to cover losses etcOffence

The statement must describe any charge or penalty for failing to make a payment or repay the loan when due.

17. A description of any charge or penalty that would be imposed for fhllure to make any payment or to repay the loan when due. 18 The date of statement

Section 17Verify source

§ 19Change of category of licenceProvision

This provision shows a Bank of Zambia form and lists capital requirements and fees for microfinance institutions.

19. The name and signature of the representative of the Microfinance Institution. 50 Statutory Instruments 30th January, 2006 - Form MF 6 THE BANKING AND FINANCIAL SERVICES (MICROFINANCE) REGULATIONS, 2006 (Regulation 45) BANK OF ZAMBIA VITAL STATISTICS FORM Part A (This Part Applies to Zambian Citizens Only) Name: ................................................................................................................ ................. . Date of birth: ................................................................................ ...................................... . Identity card number: ..................... , .................................................................................... . Residential address: ............................................................... Telephone No ........................ . Business address: ............................................................... Telephone No ............................ . Marital Status: ........................................ ........ No. of children ............................................. . Passport No./NRC No.: ......................... Expiry date (Passport No.lNRC indicated): ............ .. Name of Spouse: ........................................ Identity card No.: ............................................... . Next of kin: ........................................... Name of parents ................................................... .. Part B (This Part Applies to non-Zambian Citizens Only) Name: ..................................................................... Residential address: ............................. . Immigration Permit No: ............................................. Passport No: ............................. : ........ . Expiry date of passport: ...................................... Date of entry into Zambia: ......................... . Work permit No: ..................................... .'.Valid from ..................... to: ................................ . Part B (Applies to both Zambians and non-Zambians) Education Background: ....................................................................................................... . 30th January, 2006 Statuto1y Instruments 5 1 Employment Record:, . . . . . . . . . . . , . . , . , , ..................... , .. , , . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . , . . , .. . ..................................................................................................................... ........................................................... ,, ................................................ , , ....... .. .......................... , .................................................... , ................................... .. ································································································ ····················· ······················································································································ .......... , .................................................... , , .... ............................................... . ························································· ........................................................... . ········································· .................................................................... , ...... . ·········································· .......................................................................... . ·········································· ........................................................................... . Last Employer: ......... . . . . . . . . . . . . . . . . . . . . . . ..................................... . . ............... ...... . . . . . . . . . . . Employer's reference: . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............ . ···················································· ................................................................. . ··························································································"· .. ····················-- ........................................................................................... ........................... .............................................................................. , .................................... .. ····················································································································" ..... .............. .................................................................................................. . ................ -................................................................................................... .. ··················································--· ................................................................ . ..................................................................................................................... ........................................... ......... , ............................ , ................................. .. ····································································· ............................................... . Signature: . . . . . . . . . . . . . . . . . . . . . . . . . . ............................. . ..... . 52 Statutory Instruments 30th January, 2006 SECOND SCHEDULE (Reg11/ations 26, 41 and 46) PART I CAPITAL REQUIREMENTS FOR MICROFINANCE INSTITUTIONS (Regulation 26) Minimum Capital Requirement Deposit Taking MF/ Non DepositTc1king MF! K250 Million K25 Million PART'II PRESCRIBED FEES (Reg11/ation 41 and 46) Deposit-1Clking Micro.finance Institution Non Deposit-Tc1king Micro.finance Institution Licence application fee KS,400,000.00 Annual Licence fee K2,700,000,00 Supervision fee

Section 19Verify source

Part

PART I

§ 002% of monthly averageProvision

This fragment mentions 0.02% of the monthly average deposit for the preceding 12-month period, with amounts shown as K1,000,000.00 and K600,000.00, but the surrounding rule is unclear.

0.02% of monthly average deposit for preceding 1 2-monlh period K 1,000,000.00 K600,000.00 None LUSAKA 24th January, 2006 [MFAL. 1 02/9/47 N. P. MAGANDE, Minister of Finance and National Planning

Section 0Verify source

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