ZECHL NFS
NFS
The National Financial Switch (NFS) is a centralized network infrastructure that connects multiple banks and financial institutions, facilitating electronic payment transactions and providing a seamless platform for interbank transactions.
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 scheduled to go live in quarter one of 2020
NFS key features:
Interbank Connectivity:
NFS acts as a unifying force, linking diverse banks and financial institutions into a cohesive network. This interconnectedness enables customers to access their accounts and conduct transactions seamlessly across participating banks.
Security at Its Core:
Your financial security is our top priority. NFS incorporates robust security measures, including encryption and authentication protocols, ensuring that your transactions are protected from potential threats.
Real-time Transactions:
Say goodbye to delays. NFS facilitates real-time transaction processing, allowing you to transfer funds, make payments, and conduct financial activities instantaneously.
Accessibility Anytime, Anywhere:
Whether you’re in the heart of the city or the remotest corner of the country, NFS ensures that you have access to your finances 24/7. Enjoy the freedom of banking at your convenience.
Multi-Channel Capabilities:
NFS supports a variety of channels, including ATMs, online banking, mobile banking, and more. This multi-channel approach ensures that you can manage your finances using the platform that suits you best.
Scalability and Reliability:
As financial needs grow, NFS grows with them. The system is designed to handle increasing transaction volumes efficiently, providing a reliable infrastructure that evolves with the demands of the financial landscape.
Driving Financial Inclusion:
NFS plays a pivotal role in promoting financial inclusion by bringing banking services to diverse segments of the population. This inclusivity empowers individuals and businesses, fostering economic growth.