Electronic Funds Transfer
What is it?
Electronic Funds Transfers (EFT) which is sometimes referred to as Direct Debit and Credit Clearing (DDACC) is a payment system where money is transferred from one bank account directly to another bank account without physical paper changing hands.
The transaction limit for the Direct Credit stream is ZMW500,000 while the Direct Debit Stream permits a transaction limit of ZMW75,000.
EFT Time Window
Instructions submitted to the bank before the final cut off times that is 14:30 hours for electronic instructions and 13:00 hours for manual instructions are processed and given value to the customer the same day. Instructions submitted to the bank after the final cut off times that is 14:30 hours for electronic instructions and 13:00 hours for manual instructions are processed and given value to the customer the next business day.
As a paperless stream, it is faster, safe and efficient. Customers are encouraged to receive or make payments by EFT.
Efficient, Reliable, Secure & Cost Effective Inter-Banking
Zambia Electronic Clearing House Limited
Electronic Funds Transfer, Cheque Image Clearing, National Financial Switch
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