National Financial Switch (NFS)
WHAT IS NFS ?
A National Switch is a payment gateway that facilitates efficient payment processing and interoperability between the service offering of commercial banks, non-bank financial organizations and various other payment institutions within Zambia. The switch went live on 23 September 2018 switching ATM transactions and about a year later, 30 September 2019 went live on POS switching.
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
WHAT ARE THE BENEFITS?
Reduce infrastructure acquisition and transaction costs through shared centralized infrastructure among financial institutions and customers in Zambia
Provide/Promote a multifaceted inter-bank switching platform for all delivery channels that will easily be interoperable with other payment and settlement systems
Promote the development of e-products and delivery channels that would extend the coverage of financial services in Zambia
To reduce the usage of cash and paper based financial instruments in Zambia through the introduction of secure and reliable electronic payment methods.
Promote real-time payment of transactions through Straight Through Processing in order to enhance efficiency.
ZAMBIA ELECTRONIC CLEARING HOUSE
NATIONAL FINANCIAL SWITCH, ELECTRONIC FUND TRANFERS AND CHEQUE CLEARING