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Payment Systems

  • Overview of payment systems in Zambia
    • Systemically Important Payment Systems
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    • Regional Payment Systems
  • Payment Systems Regulatory Framework
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  • Payment Systems Vision and Strategy

EFT

Electronic Funds Transfer (EFT)

The Electronic Funds Transfer (EFT) system is a simple, safe and speedy way to make and collect payments by electronic transfer

  • Safe and secure transfer of funds from one account to another
  • Payment of wages, salaries and pensions
  • Payment of utility bills
  • Disbursement of loans and collection interest payments by financial institutions
  • Payment of VAT and other taxes

 

Benefits of EFT

Some of the benefits of the EFT system include;

  • Credit to the customer is given within the same day
  • Allows a transfer of higher value (has limit than cheques)
  • It is safe and secure and guaranteed through registered commercial bank
  • High availability since the service is provided by almost all commercial banks

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