The Zambia Deposit Insurance Corporation Act, 2026

THE ZAMBIA DEPOSIT INSURANCE
CORPORATION ACT, 2026
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY PROVISIONS
1. Short title and commencement
2. Interpretation
3. Non-application
PART II
THE ZAMBIA DEPOSIT INSURANCE CORPORATION
4. Establishment of Zambia Deposit Insurance Corporation
5. Functions of Corporation
6. Delegation to agent
7. Constitution of Board
8. Functions of Board
9. Director-General, Secretary and other staff
PART III
MEMBERSHIP OF CORPORATION
10. Membership to Corporation
11. Cessation of membership to Corporation
12. Effect of cessation of membership to Corporation
PART IV
PREMIUM
13. Initial one-off premium
14. Annual premium
15. Special premium
16. Risk-based premium
17. Premium default
18. Charge or transfer of premium
19. Premium off-set
PART V
COVERAGE, REIMBURSMENT AND LIMITATION OF CLAIMS
20. Extent of cover
21. Coverage of joint accounts
Zambia Deposit Insurance Corporation [No. 11 of 2026 467
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K 30.00 each.

rporation [No. 11 of 2026 467
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K 30.00 each.

22. Coverage for trusts
23. Coverage for corporate restructuring transactions
24. Coverage for village banking accounts
25. Excluded deposits
26. Reimbursement of insured deposit
27. Currency reimbursement
28. Limitation of claims
PART VI
INSPECTORATE
29. Inspectors
30. Inspections
31. Powers of inspector
32. Obstruction of inspector
PART VII
THE DEPOSIT INSURANCE FUND
33. Deposit Insurance Fund
34. Management of Fund
35. Accounts and audit
36. Annual report
PART VIII
GENERAL PROVISIONS
37. Emergency funding
38. General Reserve Fund
39. Subrogation
40. Collaboration with Bank
41. Appointment of Corporation as liquidator
42. Submission of information
43. Public awareness
44. Appeals
45. General penalty
46. Administrative penalty
47. Offence by principal officers of body corporate or
unincorporate body
48. Execution of judgment against assets of Corporation
49. Guidelines
50. Regulations
51. Transitional provisions
SCHEDULE
Zambia Deposit Insurance Corporation468 No. 11 of 2026]

inst assets of Corporation
49. Guidelines
50. Regulations
51. Transitional provisions
SCHEDULE
Zambia Deposit Insurance Corporation468 No. 11 of 2026]

An Act to establish the Zambia Deposit Insurance
Corporation and provide for its functions; protect
depositors and contribute to financial system stability;
establish the Deposit Insurance Fund; and provide for
matters connected with, or incidental to, the foregoing. [8th April, 2026
ENACTED by the Parliament of Zambia. PART I
PRELIMINARY PROVISIONS
1. This Act may be cited as the Zambia Deposit Insurance
Corporation Act, 2026, and shall come into operation on the date
that the Minister may appoint by statutory instrument. 2. (1) In this Act, unless the context otherwise requires —
“active politics” has the meaning assigned to the words in
the Benefits of Former Presidents Act;
“annual premium” means an annual premium paid by a
member institution under section 14;
“associate” has the meaning assigned to the word in the
Anti- Corruption Act;
“Bank” means the Bank of Zambia established under the
Constitution;
“bank” has the meaning assigned to the word in the
Banking and Financial Services Act, 2026;
“beneficiary” means a person who is entitled to a benefit
under a trust;
Zambia Deposit Insurance Corporation [No.

g and Financial Services Act, 2026;
“beneficiary” means a person who is entitled to a benefit
under a trust;
Zambia Deposit Insurance Corporation [No.

11 of 2026 469
Interpretation
Enactment
Short title
and
commence-
ment
Cap. 15
Cap. 91
Cap. 1
Act No. 9
of 2026
GOVERNMENT OF ZAMBIA
ACT
No. 11 of 2026
Date of Assent: 31st March, 2026

tment
Short title
and
commence-
ment
Cap. 15
Cap. 91
Cap. 1
Act No. 9
of 2026
GOVERNMENT OF ZAMBIA
ACT
No. 11 of 2026
Date of Assent: 31st March, 2026

“Board” means the Board of the Corporation constituted under
section 7;
“Chairperson” means a person appointed as Chairperson of
the Board under section 7;
“Corporation” means the Zambia Deposit Insurance
Corporation established under section 4;
“coverage limit” means the coverage limit determined by the
Corporation under section 20;
“deposit” has the meaning assigned to the word in the Banking
and Financial Services Act, 2026;
“depositor” means a person who holds a deposit in an account
at a member institution;
“Director-General” means a person appointed as Director-
General of the Corporation under section 9;
“Emoluments Commission” means the Emoluments
Commission established under the Constitution;
“failed member institution” has the meaning assigned to the
words “failed institution” in the Banking and Financial
Services Act, 2026;
“financial institution” has the meaning assigned to the words
in the Banking and Financial Services Act, 2026;
“financial system stability” has the meaning assigned to the
words in the Bank of Zambia Act, 2022;
“Fund” means the Deposit Insurance Fund established under
section 33;
“Governor” means the Governor of the Bank of Zambia
appointed under the Constitution;
“higher education institution” has the meaning assigned to
the words in the Higher Education Act;
“holding account” has the meaning assigned to the words in
the National Payment System Act, 2026;
“initial one-off premium” means the initial one-off premium
paid by a member institution under section 13;
Act No.

National Payment System Act, 2026;
“initial one-off premium” means the initial one-off premium
paid by a member institution under section 13;
Act No.

9 of
2026
Cap. 1
Cap. 136
Act No. 5 of
2026
Zambia Deposit Insurance Corporation470 No. 11 of 2026]
Cap. 1
Act No. 9 of
2026
Act No. 9 of
2026
Act No. 5 of
2022

Cap. 1
Cap. 136
Act No. 5 of
2026
Zambia Deposit Insurance Corporation470 No. 11 of 2026]
Cap. 1
Act No. 9 of
2026
Act No. 9 of
2026
Act No. 5 of
2022

“insured deposit” means a deposit covered by the Fund up
to the coverage limit determined by the Corporation under
section 20;
“joint account” means a deposit account held by two or more
natural persons in which the persons—
(a) have signed account opening mandates;
(b) have accrued rights to make withdrawals; and
(c) manage the account;
“legally disqualified” means the absence of legal capacity as
provided under section 4 of the Mental Health Act;
“manager” means an officer of a member institution who is
in a position to control, direct or influence decision making
in the member institution;
“member institution” means a bank or financial institution
that is a member of the Corporation as provided under
section 10;
“Member of Parliament” has the meaning assigned to the
words in the Constitution;
“pay-out” means a process leading to an outflow of resources
from the Fund to meet obligations relating to reimbursement
of insured deposits or for purposes of effecting a resolution
of a failed member institution;
“Pensions and Insurance Authority” means the Pensions and
Insurance Authority established under the Pension Scheme
Regulation Act;
“premium” means a premium paid into the Fund by a member
institution under this Act;
“principal administrative office” means the office where the
overall administration of the affairs of a member institution
is conducted, other than a branch;
“relative” has the meaning assigned to the word in the Anti-
Corruption Act;
“resolution” has the meaning assigned to the word in the
Banking and Financial Services Act, 2026;
Cap.

igned to the word in the Anti-
Corruption Act;
“resolution” has the meaning assigned to the word in the
Banking and Financial Services Act, 2026;
Cap.

91
Act No. 9 of
2026
Cap. 255
Cap. 1
Zambia Deposit Insurance Corporation [No. 11 of 2026 471
Cap. 305

91
Act No. 9 of
2026
Cap. 255
Cap. 1
Zambia Deposit Insurance Corporation [No. 11 of 2026 471
Cap. 305

“resolution option” has the meaning assigned to the words in
the Banking and Financial Services Act, 2026;
“risk-based premium” means the risk-based premium paid
by a member institution under section 16;
“Secretary” means the Secretary appointed under section 9;
“secured deposit” means a deposit against which the depositor
has obtained collateral from a member institution;
“Securities and Exchange Commission” means the Securities
and Exchange Commission continued in existence under
the Securities Act;
“senior management” means persons who are responsible
for the day-to-day management of an institution or
organisation and are accountable to the board of the
institution or organisation, as may be determined;
“senior officer” means a chief executive officer, chief financial
officer or manager of a member institution;
“significant shareholder” has the meaning assigned to the
words “significant shareholding” in the Banking and
Financial Services Act, 2026;
“special premium” means the special premium paid by a
member institution under section 15;
“trust” means a legal relationship created by a person, whether
on death or not, by that person placing their assets under
the control of a trustee for the benefit of a beneficiary,
class of beneficiaries or for a specified purpose and
where —
(a) the assets constitute a separate fund and are not
part of the trustee’s own estate;
(b) title to the assets of the trust are in the name of the
trustee or in the name of another person acting on
behalf of the trustee; and
(c) the trustee manages, uses or disposes of the assets
of the trust in accordance with the terms and
conditions of the trust and any other relevant
written law;
Zambia Deposit Insurance Corporation472 No.

of the trust in accordance with the terms and
conditions of the trust and any other relevant
written law;
Zambia Deposit Insurance Corporation472 No.

11 of 2026]
Act No. 9 of
2026
Cap. 354
Act No. 9 of
2026

11 of 2026]
Act No. 9 of
2026
Cap. 354
Act No. 9 of
2026

“trust account” means an account created under a trust deed,
or similar document, which account is administered by a
trustee of a trust and the funds in the account are for the
benefit of one or more beneficiaries of the trust;
“trustee” means a person who manages and controls a trust,
in respect of which the trustee is accountable, for the
benefit of the beneficiaries of the trust;
“trustee deposit” means a deposit made, in a trust account,
by a trustee of a trust for the benefit of the beneficiaries
of the trust;
“unsafe and unsound practice” has the meaning assigned
to the words in the Banking and Financial Services Act,
2026;
“village banking” means an informal financing arrangement
where individuals in a community, pool funds of those
individuals for purposes of saving the funds in an account
held at a member institution or lending the funds amongst
the individuals; and
“Zambia Qualifications Authority” means the Zambia
Qualifications Authority continued in existence under the
Zambia Qualifications Authority Act, 2024. 3. The Insurance Act, 2021, shall not apply to the Corporation. PART II
THE ZAMBIA DEPOSIT INSURANCE CORPORATION
4.

ualifications Authority Act, 2024. 3. The Insurance Act, 2021, shall not apply to the Corporation. PART II
THE ZAMBIA DEPOSIT INSURANCE CORPORATION
4.

(1) The Zambia Deposit Insurance Corporation is established
as a body corporate with perpetual succession and a common
seal, capable of suing and being sued in its corporate name and
with power, subject to the provisions of this Act, to do all acts and
things that a body corporate may, by law, do or perform. (2) The Schedule applies to the Corporation. 5. (1) The functions of the Corporation are to protect depositors
and contribute to financial system stability. (2) Despite the generality of subsection (1), the functions of
the Corporation are to —
Zambia Deposit Insurance Corporation [No. 11 of 2026 473
Non-
application
Act No. 38
of 2021
Act No. 8 of
2024
Act No. 9 of
2026
Establishment
of Zambia
Deposit
Insurance
Corporation
Functions
of
Corporation

Non-
application
Act No. 38
of 2021
Act No. 8 of
2024
Act No. 9 of
2026
Establishment
of Zambia
Deposit
Insurance
Corporation
Functions
of
Corporation

(a) manage and administer the Fund;
(b) reimburse insured deposits in the event of a liquidation of
a member institution;
(c) levy premiums from member institutions in accordance
with this Act;
(d) collaborate with the Bank in the resolution of member
institutions;
(e) promote public awareness on matters relating to this Act;
and
(f) advise the Minister on matters relating to this Act. 6. (1) The Corporation may, on terms and conditions as the
Corporation may determine, delegate its functions under this Act
to an agent. (2) A delegation made under subsection (1) shall not prevent
the Corporation from performing the functions so delegated. 7. (1) There is constituted the Board of the Corporation which
consists of the following part-time members appointed by the
Minister:
(a) the Governor, as the Chairperson;
(b) a representative from the Ministry responsible for finance;
(c) a representative of the Attorney-General;
(d) a representative of the Bank;
(e) a representative from the Pensions and Insurance
Authority;
(f) a representative from the Securities and Exchange
Commission; and
(g) the Director-General, as ex-officio.

m the Pensions and Insurance
Authority;
(f) a representative from the Securities and Exchange
Commission; and
(g) the Director-General, as ex-officio.

(2) The Ministries, institutions and organisations referred to under
subsection (1)(b) to (f) shall nominate their representatives for
appointment by the Minister. (3) Despite subsection (2), the members referred to under
subsection (1) (d), (e) and (f) shall be at senior management level
in the institution or organisation that has nominated the member. Zambia Deposit Insurance Corporation474 No. 11 of 2026]
Constitution
of Board
Delegation to
agent

ution or organisation that has nominated the member. Zambia Deposit Insurance Corporation474 No. 11 of 2026]
Constitution
of Board
Delegation to
agent

(4) The members of the Board shall elect the Vice-Chairperson
from among themselves. (5) A person shall not be nominated or appointed as a member
of the Board if that person is—
(a) a director, officer or employee of a member institution;
(b) a significant shareholder or controls a member institution;
(c) a Member of Parliament;
(d) in active politics;
(e) legally disqualified;
(f) an undischarged bankrupt;
(g) below the age of twenty-one;
(h) dismissed from a position of trust due to misconduct;
(i) convicted of an offence involving fraud or dishonesty under
any written law; or
(j) convicted of an offence under this Act or any written law
and sentenced to imprisonment for a term exceeding six
months without an option of a fine. (6) The Schedule applies to the Board. 8. (1) Subject to the other provisions of this Act, the Board
shall provide strategic policy direction to the Corporation.

edule applies to the Board. 8. (1) Subject to the other provisions of this Act, the Board
shall provide strategic policy direction to the Corporation.

(2) Despite the generality of subsection (1), the functions of
the Board are to—
(a) approve the policies, programmes and strategies of the
Corporation;
(b) approve the annual budget estimates and financial
statements of the Corporation;
(c) approve the annual work plan, action plans and activity
reports of the Corporation;
(d) monitor and evaluate the performance of the Corporation
against budgets and plans;
(e) promote the effective corporate governance of the
Corporation;
Zambia Deposit Insurance Corporation [No. 11 of 2026 475
Functions
of Board

plans;
(e) promote the effective corporate governance of the
Corporation;
Zambia Deposit Insurance Corporation [No. 11 of 2026 475
Functions
of Board

(f)approve the rate of premiums to be paid by member
institutions to the Corporation;
(g) approve the reimbursement of insured deposits in the event
of a liquidation of a member institution; and
(h) approve funding for a resolution of a failed member
institution, on recommendation by the Bank. (3) The Board may, by direction in writing and on conditions
that the Board considers necessary, delegate to the Director-General
any of the Board’s functions under this Act. (4) A delegation made under subsection (3) shall not prevent the
Board from performing the functions so delegated. 9. (1) The Board shall appoint a Director-General who shall
be —
(a) the chief executive officer of the Corporation; and
(b) responsible for the day-to-day administration of the
Corporation under the direction of the Board. (2) A person qualifies for appointment as Director-General if
that person —
(a) holds a degree in banking, finance, accounting, economics,
business administration or other relevant discipline from
a higher education institution and recognised by the
Zambia Qualifications Authority; and
(b) has at least ten years’ work experience in the financial
sector.

education institution and recognised by the
Zambia Qualifications Authority; and
(b) has at least ten years’ work experience in the financial
sector.

(3) The Director-General may, on terms and conditions as the
Director-General may determine, delegate the Director-General’s
functions under this Act to any other member of staff. (4) A delegation made under subsection (3) shall not prevent
the Director-General from performing the functions so delegated. (5) There may be seconded from the Bank staff of the Bank as
may be necessary for the performance of the functions of the
Corporation under this Act. Zambia Deposit Insurance Corporation476 No. 11 of 2026]
Director-
General,
Secretary
and other
staff

the functions of the
Corporation under this Act. Zambia Deposit Insurance Corporation476 No. 11 of 2026]
Director-
General,
Secretary
and other
staff

(6) The Board shall appoint a Secretary and other staff of the
Corporation that the Board considers necessary for the
performance of the functions of the Corporation. (7) The Emoluments Commission shall, on the recommendation
of the Board, determine the emoluments of the Director-General,
Secretary and other staff of the Corporation. (8) The Board shall determine the terms and conditions of
service, other than emoluments of the Director-General, Secretary
and other staff of the Corporation. PART III
MEMBERSHIP OF CORPORATION
10. (1) A bank or financial institution shall be a member of
the Corporation. (2) The Corporation shall publish information relating to
member institutions under this Act in the Gazette and in a daily
newspaper of general circulation in the Republic or electronic
media as the Corporation may determine. 11.

nder this Act in the Gazette and in a daily
newspaper of general circulation in the Republic or electronic
media as the Corporation may determine. 11.

(1) A member institution shall cease to be a member of the
Corporation where —
(a) the licence issued to the member institution is surrendered
by that member institution or cancelled by the Bank;
(b) the member institution is placed under compulsory
liquidation by the Bank; or
(c) customer deposits of the member institution are transferred
to another member institution. (2) The Corporation shall inform the public of the cessation of
membership of a member institution under subsection (1) by notice
in the Gazette and in a daily newspaper of general circulation in
the Republic or electronic media as the Corporation may determine. 12. Where a member institution ceases to be a member of the
Corporation under section 11—
(a) the member institution shall not be discharged from the
member institution’s obligations or liabilities to the
Corporation that accrued prior to cessation of
membership of the member institution;
Zambia Deposit Insurance Corporation [No. 11 of 2026 477
Membership
to
Corporation
Cessation
of
membership
to
Corporation
Effect of
cessation of
membership
to
Corporation

ance Corporation [No. 11 of 2026 477
Membership
to
Corporation
Cessation
of
membership
to
Corporation
Effect of
cessation of
membership
to
Corporation

(b) the member institution shall indemnify the Corporation
where the Corporation makes payment to —
(i) reimburse insured deposits of the member
institution; or
(ii) facilitate resolution of the member institution;
(c) a deposit received by the member institution after cessation
of membership of the member institution shall not form
part of insured deposits; and
(d) the member institution shall not hold-out as a member of
the Corporation. PART IV
PREMIUM
13. (1) A member institution shall pay into the Fund an initial
one-off premium based on the total assets of the member institution
at a rate to be determined by the Corporation as prescribed. (2) The Corporation shall, where the Corporation determines
the rate of the initial one-off premium to be paid under subsection
(1), notify a member institution, in writing. (3) A member institution shall, within sixty days of receipt of the
notification referred to under subsection (2), pay the initial one-off
premium. 14. (1) A member institution shall pay into the Fund an annual
premium based on the twelve-month average of monthly deposits
of the member institution at a rate to be determined by the
Corporation as prescribed.

l
premium based on the twelve-month average of monthly deposits
of the member institution at a rate to be determined by the
Corporation as prescribed.

(2) The Corporation shall, where the Corporation determines
the rate of the annual premium to be paid under subsection (1),
notify a member institution, in writing. (3) The Bank shall, after a member institution that is a bank is
notified under subsection (2), debit, on behalf of the Corporation,
an amount due as an annual premium from a current account of
the member institution held at the Bank. (4) The Corporation shall, after a member institution that is a
financial institution is notified under subsection (2), direct a bank
where an account of that member institution is held, to debit from
that account an amount due as an annual premium. Zambia Deposit Insurance Corporation478 No. 11 of 2026]
Initial
one-off
premium
Annual
premium

t from
that account an amount due as an annual premium. Zambia Deposit Insurance Corporation478 No. 11 of 2026]
Initial
one-off
premium
Annual
premium

15. Despite section 14, where the Corporation makes a pay-
out from the Fund and the monies of the Fund are not sufficient
for the implementation of the purposes of the Fund following
that pay-out, a member institution may pay a special premium
based on the twelve-month average of monthly deposits of the
member institution at a rate and on terms and conditions as may
be determined by the Corporation as prescribed. 16. The Corporation may determine, as prescribed, and levy a
member institution a higher premium rate than the determined
premium rate based on the risk to the Fund, by that member
institution. 17. (1) Where a premium remains unpaid or a debit instruction
for an amount for the payment of a premium has not been executed
due to insufficient funds on an account of a member institution, an
amount which remains unpaid after the due date, shall without
notice, attract interest at a rate equivalent to the ninety-one-day
treasury bill rate or any other applicable rate as may be determined
by the Corporation.

, attract interest at a rate equivalent to the ninety-one-day
treasury bill rate or any other applicable rate as may be determined
by the Corporation.

(2) A member institution shall not pay a dividend or a similar
payment to the shareholders of the member institution during the
period the member institution is in default of payment of a premium
or interest on that premium. 18. (1) The cost of a premium under this Act shall not be
charged or transferred by a member institution, in any form, to a
depositor of the member institution. (2) A member institution that contravenes this section is liable
to pay an administrative penalty not exceeding one million penalty
units for each day that the contravention continues. 19. A member institution shall not reduce, adjust or withhold
the payment of a premium due, or performance of an obligation,
to the Fund, on the grounds of a set-off or claim that the member
institution may have against the Fund. Zambia Deposit Insurance Corporation [No. 11 of 2026 479
Charge or
transfer of
premium
Premium
off-set
Special
premium
Risk-based
premium
Premium
default

bia Deposit Insurance Corporation [No. 11 of 2026 479
Charge or
transfer of
premium
Premium
off-set
Special
premium
Risk-based
premium
Premium
default

PART V
COVERAGE, REIMBURSMENT AND LIMITATION
OF CLAIMS
20. (1) An amount payable by the Corporation from the Fund
in a pay-out shall be in accordance with a coverage limit as may
be determined by the Corporation. (2) Where a depositor maintains—
(a) one deposit account with a member institution, the deposits
on the deposit account shall be insured in respect of the
principal and interest of the deposit up to the coverage
limit referred to under subsection (1); or
(b) more than one deposit account with a member institution,
the aggregate of the deposits in the deposit accounts
shall be insured in respect of the principal and interest
of the deposits up to the coverage limit referred to under
subsection (1). 21. (1) Where two or more depositors maintain a joint account
with a member institution, the depositors shall be identified
separately for the purposes of determining the amount payable to
each depositor up to the coverage limit referred to under section
20.

l be identified
separately for the purposes of determining the amount payable to
each depositor up to the coverage limit referred to under section
20.

(2) The Corporation shall divide a deposit balance on a joint
account equally among the depositors of the joint account where
the depositors do not have a prior agreement stating the manner
in which the deposits should be shared among the depositors. (3) Where a depositor maintains a joint account and other
accounts in the member institution, the amount payable to the
depositor shall be the principal and interest of the deposits on the
accounts up to the coverage limit referred to under section 20 on
the aggregated balance across the accounts maintained by the
depositor in the member institution. 22. (1) Despite section 20—
(a) where a member institution is under an obligation to repay
monies to a depositor who is a trustee of a trust, and the
trust is disclosed on the records of the member institution
a—
Zambia Deposit Insurance Corporation480 No. 11 of 2026]
Coverage for
trusts
Extent of
cover
Coverage
of joint
accounts

ds of the member institution
a—
Zambia Deposit Insurance Corporation480 No. 11 of 2026]
Coverage for
trusts
Extent of
cover
Coverage
of joint
accounts

(i) trustee deposit shall be considered to be a deposit
separate from a deposit made by the trustee
acting on the trustee’s own behalf or on behalf
of another trust with an account with the
member institution; and
(ii) deposit held in trust by the trustee for each
beneficiary of the trust, shall be considered to
be a separate deposit where the trustee is
acting for two or more beneficiaries of the trust;
and
(b) a deposit held in trust by a trustee for a beneficiary shall
be considered to be a deposit separate from a deposit
of that beneficiary on their own behalf and be separate
from a deposit held in trust by another trustee for the
beneficiary in another trust. (2) Despite subsection (1) —
(a) the Corporation shall not separately protect deposits held
in trust for a beneficiary if, in the opinion of the
Corporation, the trust exists primarily for the purposes
of obtaining or increasing the protection of the deposits;
or
(b) a deposit held in trust by the same trustee for the same
beneficiary shall be aggregated and considered to be
one deposit. (3) A holding account shall not be treated as a trust account
under this Act. 23.

me
beneficiary shall be aggregated and considered to be
one deposit. (3) A holding account shall not be treated as a trust account
under this Act. 23.

(1) In the event of, or prior to, a corporate restructuring
transaction of separate member institutions, depositors of the
separate member institutions shall receive separate coverage, up
to the coverage limit referred to under section 20, until the effective
date of the corporate restructuring transaction. (2) The member institutions referred to under subsection (1)
shall notify the depositors of the member institutions, at least thirty
days before the effective date of the corporate restructuring, of
the date on which separate cover of the depositors shall expire. 24. (1) Where an account is maintained at a member institution
specifically for the purposes of village banking, with identifiable
beneficiaries vetted by the member institution when on-boarding
the beneficiaries, the amount payable to each beneficiary shall be
up to the coverage limit referred to under section 20. Zambia Deposit Insurance Corporation [No. 11 of 2026 481
Coverage for
corporate
restructuring
transactions
Coverage for
village
banking
accounts

n 20. Zambia Deposit Insurance Corporation [No. 11 of 2026 481
Coverage for
corporate
restructuring
transactions
Coverage for
village
banking
accounts

(2) The aggregate amount payable to the beneficiaries referred
to under subsection (1) shall be paid, with the consent of the
beneficiaries, into an alternative account to be provided by the
signatories of the account referred to under subsection (1). (3) Where a beneficiary referred to under subsection (1) is a
beneficiary of more than one village banking account, that
beneficiary shall be entitled to separate cover under each account
up to the coverage limit referred to under section 20. (4) Despite subsection (3), the Corporation shall not separately
protect the deposits held in a village banking account for a
beneficiary if, in the opinion of the Corporation, the village banking
account exists primarily for the purposes of obtaining or increasing
the protection of the deposits. 25.

inion of the Corporation, the village banking
account exists primarily for the purposes of obtaining or increasing
the protection of the deposits. 25.

Customer deposits of a member institution shall be insured
by the Fund, except the following customer funds:
(a) a deposit serving as collateral for a loan, to the extent of
an outstanding loan amount;
(b) secured deposits;
(c) deposits of a member institution in another member
institution;
(d) deposits of directors and senior management of that
member institution;
(e) deposits of a significant shareholder of that member
institution;
(f)deposits held in a foreign branch of a member institution;
or
(g) a deposit account for which a depositor has not been
identified. 26. (1) The Corporation shall, in the event of a compulsory
winding-up of a member institution by the Bank, in a manner that
the Corporation may determine —
(a) within seven days of an order for winding-up of the member
institution, inform the depositors of the member institution
of the procedures to be followed in claiming from the
Fund, including information relating to the —
Zambia Deposit Insurance Corporation482 No. 11 of 2026]
Excluded
deposits
Reimburse-
ment of
insured
deposit

, including information relating to the —
Zambia Deposit Insurance Corporation482 No. 11 of 2026]
Excluded
deposits
Reimburse-
ment of
insured
deposit

(i) manner of lodging a claim for the reimbursement
of an insured deposit; and
(ii) agents or persons who have been appointed to
process a claim referred to under subparagraph
(i) and the addresses of the location of the
agents or persons where the claim shall be
lodged; and
(b) provide relevant information to interested parties on the
process of the reimbursement of an insured deposit. (2) The Corporation shall commence payment out of the Fund
in respect of insured deposits of a member institution within thirty
days from the date the depositors of the member institution are
informed of the procedures to be followed in claiming from the
Fund under subsection (1)(a). (3) The Corporation may, where the Corporation determines
that the process of full reimbursement of an insured deposit may
be delayed, make an interim or partial reimbursement as the
Corporation may determine. (4) Payment out of the Fund in respect of an insured deposit
discharges the Fund from all liabilities to the extent of the amount
of the payment made in respect of that insured deposit.

ect of an insured deposit
discharges the Fund from all liabilities to the extent of the amount
of the payment made in respect of that insured deposit.

(5) The reimbursement of a deposit under this Act does not
restrict the right of a depositor to claim from the proceeds of winding
-up of a failed member institution where the depositor has an unpaid
balance on a deposit. (6) The Corporation may withhold the reimbursement of an
insured deposit where—
(a) the Bank, in accordance with the Banking and Financial
Services Act, 2026, determines that a manager or other
senior officer of a member institution has acted in a
manner detrimental to the interests of depositors or
engaged in unsafe and unsound practice;
(b) the Bank, in accordance with the Banking and Financial
Services Act, 2026, determines that a person who
participates, or has the authority to participate, in policy
making functions of a member institution, whether
employed by the member institution or not, has acted in
a manner detrimental to the interests of depositors or
engaged in unsafe and unsound practice;
Zambia Deposit Insurance Corporation [No. 11 of 2026 483
Act No. 9
of 2026
Act No. 9
of 2026

of depositors or
engaged in unsafe and unsound practice;
Zambia Deposit Insurance Corporation [No. 11 of 2026 483
Act No. 9
of 2026
Act No. 9
of 2026

(c) the Bank, in accordance with the Banking and Financial
Services Act, 2026, determines that an external auditor
of a member institution has acted in a manner detrimental
to the interests of depositors;
(d) the Bank, in accordance with the Banking and Financial
Services Act, 2026, determines, pending legal
proceedings before a court, that a depositor is believed
to have —
(i) connived with an employee of a failed member
institution or had been a party to, or had
knowingly benefited from, the circumstances
which gave rise to the failure of the member
institution; or
(ii) obtained a benefit from proceeds of crime; or
(e) a deposit account is subject of a garnishee order, seizure
notice or restriction imposed by a relevant authority
conducting an investigation. (7) The Corporation may off-set and withhold payment of a
portion of an insured deposit of any depositor in a member institution
against a—
(a) loan or debt due and owing by that depositor to the member
institution; or
(b) claims for damages or losses through negligence or other
wrongdoing against a depositor who may be liable to
the member institution as a director, shareholder, officer,
employee, agent or other person. 27.

r
wrongdoing against a depositor who may be liable to
the member institution as a director, shareholder, officer,
employee, agent or other person. 27.

(1) The Fund shall reimburse an insured deposit in local
currency. (2) Deposits held in foreign currency shall be converted to local
currency using the Bank mid rate or the applicable closing rate of
a failed member institution at the date the failed member institution
ceases operations. (3) Where the date referred to under subsection (2) falls on a
saturday, sunday or a public holiday, the Corporation shall convert
the deposits held in foreign currency to local currency using the
rate prevailing on the immediate preceding business day. Zambia Deposit Insurance Corporation484 No. 11 of 2026]
Act No. 9
of 2026
Act No. 9 of 2026
Currency
reimburse-
ment

immediate preceding business day. Zambia Deposit Insurance Corporation484 No. 11 of 2026]
Act No. 9
of 2026
Act No. 9 of 2026
Currency
reimburse-
ment

28. (1) Despite any other written law, a claim for payment of
an insured deposit shall not be brought after the expiry of six years
from the date depositors are informed of the procedures to be
followed in claiming from the Fund under section 26(1)(a). (2) A depositor who has been unable to make a claim within the
period specified under subsection (1) shall claim from a liquidator
of a failed member institution. (3) Despite subsection (2), a person shall not make a claim
after the closure of a liquidation of a failed member institution. (4) The Corporation may, where the Corporation considers it
necessary, withhold payment to a third party in respect of a
depositor of a member institution until the depositor has submitted
an assignment to the Corporation, in writing, stating the transfer,
to the third party, of the rights and interests of that depositor in
relation to a deposit. PART VI
INSPECTORATE
29. (1) The Corporation may appoint suitably qualified persons
as inspectors for the purposes of ensuring compliance with this
Act. (2) The Corporation shall issue an inspector with an identification
card which shall be prima facie evidence of the inspector’s
appointment.

this
Act. (2) The Corporation shall issue an inspector with an identification
card which shall be prima facie evidence of the inspector’s
appointment.

(3) An inspector shall, in performing any function under this
Act—
(a) be in possession of the identification card referred to in
subsection (2); and
(b) show the identification card to any person who requests
to see the identification card or is the subject of an
inspection or investigation under this Act. 30. (1) The Corporation may, at periods that the Corporation
considers necessary conduct an inspection of a member institution. (2) Despite the generality of subsection (1), the Corporation
may conduct an inspection of a member institution in relation to
the following matters:
(a) to ascertain whether the member institution —
(i) keeps and maintains proper, adequate and up-to-
date records relating to deposits;
Zambia Deposit Insurance Corporation [No. 11 of 2026 485
Limitation
of claims
Inspectors
Inspections

ate and up-to-
date records relating to deposits;
Zambia Deposit Insurance Corporation [No. 11 of 2026 485
Limitation
of claims
Inspectors
Inspections

(ii) has submitted to the Corporation accurate
information, data, statements and reports; or
(iii) complies with the terms and conditions or any
other requirements of membership; or
(b) any other matter that the Corporation may consider
necessary under this Act for purposes of conducting an
inspection. 31.

ements of membership; or
(b) any other matter that the Corporation may consider
necessary under this Act for purposes of conducting an
inspection. 31.

(1) An inspector may, for the purpose of enforcing the
provisions of this Act, at any reasonable time —
(a) enter, inspect and search any land, building or premises
of a member institution, where the inspector has
reasonable grounds to believe that an offence has been
committed or is likely to be committed under this Act;
(b) examine any book, document, record or article, found on
any land, building or premises of a member institution
that has a bearing on an inspection or investigation under
this Act;
(c) seize any book, document, record or article found on any
land, building or premises of a member institution which
has been used or is being used for the commission of an
offence under this Act;
(d) take an extract from, or make a copy of any book,
document or record that is found on any land, building
or premises of a member institution that has a bearing
on an inspection under this Act; and
(e) require the production of a book, document, record or
article found on any land, building or premises of a
member institution that has a bearing on an inspection
under this Act.

book, document, record or
article found on any land, building or premises of a
member institution that has a bearing on an inspection
under this Act.

(2) An owner or occupier of any land, building or premises
shall afford an inspector access to any information, record or
document for the purpose of an inspection and produce to an
inspector, any information, record or document that the inspector
may require for the purposes of carrying out an inspection under
this Act. (3) An inspector may, in the performance of the functions of
the inspector under this section, be accompanied and assisted by a
law enforcement officer. Zambia Deposit Insurance Corporation486 No. 11 of 2026]
Powers of
inspector

er this section, be accompanied and assisted by a
law enforcement officer. Zambia Deposit Insurance Corporation486 No. 11 of 2026]
Powers of
inspector

(4) An inspector who removes anything from any land, building
or premises inspected under this section shall—
(a) issue a receipt for anything removed to the owner, occupier
or the person in control of the land, building or premises;
and
(b) return anything removed as soon as practicable after the
thing removed has served the purpose for which it was
removed. (5) An inspector shall furnish the Director-General with a written
report and any other information relating to an inspection. 32. (1) A person commits an offence if that person—
(a) willfully delays or obstructs an inspector in the
performance of the inspector’s functions under this Act;
(b) refuses to give an inspector reasonable assistance as the
inspector may require for the purposes of performing
the inspector’s functions;
(c) impersonates an inspector or presents oneself to be an
inspector; or
(d) knowingly or negligently gives an inspector false or
misleading information orally, in writing or otherwise. (2) A person who contravenes subsection (1) commits an offence
and is liable, on conviction, to a fine not exceeding five hundred
thousand penalty units or to imprisonment for a term not exceeding
five years, or to both.

liable, on conviction, to a fine not exceeding five hundred
thousand penalty units or to imprisonment for a term not exceeding
five years, or to both.

PART VII
THE DEPOSIT INSURANCE FUND
33. (1) There is established the Deposit Insurance Fund for the
purposes of protecting depositors and contributing to financial
system stability. (2) Despite the generality of subsection (1), the Fund may be
applied for the purposes of—
(a) making payments in respect of insured deposits;
(b) facilitating a resolution of a member institution, through
the resolution option of a purchase and assumption
transaction or any other resolution option relating to
deposit transfer, provided the amount to be incurred in
the resolution option does not exceed the amount which
would be incurred in a payout in a liquidation; or
(c) any other matter relating to the protection of depositors,
as prescribed. Zambia Deposit Insurance Corporation [No. 11 of 2026 487
Deposit
Insurance
Fund

other matter relating to the protection of depositors,
as prescribed. Zambia Deposit Insurance Corporation [No. 11 of 2026 487
Deposit
Insurance
Fund

(3) Despite subsection (2)(b), the Corporation may, on the
recommendation of the Bank, apply the Fund to a resolution option
relating to deposit transfer that exceeds the amount which would
be incurred in a payout in a liquidation where the Bank considers it
necessary for the purposes of maintaining financial stability. (4) The Fund consists of monies that may—
(a) be paid by member institutions as premiums;
(b) be recovered, through subrogation, from liquidation of a
member institution;
(c) be paid as interest from investments;
(d) be paid as penalties levied on member institutions;
(e) vest in, or accrue to, the Fund;
(f) be received by way of grants and donations from any
source, with the approval of the Minister; and
(g) be payable to the Fund by or under any other written law. (5) The Corporation shall hold and maintain an account with the
Bank in which the monies referred to under subsection (4) shall be
deposited. (6) The Corporation may invest any monies of the Fund that are
not immediately required for the purpose of the Fund, in a manner
authorised by the Board. 34. (1) The Fund shall be managed and administered by the
Corporation.

tely required for the purpose of the Fund, in a manner
authorised by the Board. 34. (1) The Fund shall be managed and administered by the
Corporation.

(2) The Corporation shall ensure that prudent controls are
established for the Fund relating to—
(a) fiscal controls and accounting procedures governing the
Fund;
(b) reporting procedures for matters relating to the Fund; and
(c) investment of the monies of the Fund. 35. (1) The Corporation shall cause to be kept proper books
of accounts and other records relating to the Fund. (2) The Fund shall be audited annually or whenever necessary
by the Auditor-General or an auditor appointed by the Auditor-
General. Zambia Deposit Insurance Corporation489 No. 11 of 2026]
Management
of Fund
Accounts
and audit

General or an auditor appointed by the Auditor-
General. Zambia Deposit Insurance Corporation489 No. 11 of 2026]
Management
of Fund
Accounts
and audit

(3) The fees for the audit of the Fund shall be paid by the
Corporation. 36. (1) The Corporation shall, as soon as practicable, but not
later than ninety days after the end of the financial year, submit to
the Minister a report stating the Corporation’s activities during the
financial year. (2) The report referred to under subsection (1), shall include
information on the financial affairs of the Corporation and there
shall be appended to the report—
(a) an audited statement of financial position;
(b) an audited statement of comprehensive income and
expenditure; and
(c) other information that the Minister may require. (3) The Minister shall, not later than seven days after the first
sitting of the National Assembly next after receipt of the report
under subsection (1), lay the report before the National Assembly. PART VIII
GENERAL PROVISIONS
37. (1) The Bank or Government may grant a loan, on terms
and conditions as the parties may agree, to be paid into the Fund
where the Fund is unable to meet an obligation of the Corporation.

a loan, on terms
and conditions as the parties may agree, to be paid into the Fund
where the Fund is unable to meet an obligation of the Corporation.

(2) The Corporation may borrow from the market, on terms
and conditions as the parties may agree, for purposes of enabling
the Fund to meet an obligation of the Corporation, except that
borrowing from the market shall not be a single or only source of
emergency funding. 38. (1) The Corporation shall establish a General Reserve Fund
to be held at the Bank. (2) The Corporation shall, at the end of each financial year,
transfer the annual operational surplus of the Corporation to the
General Reserve Fund. (3) The General Reserve Fund shall be applied for the purposes
of —
(a) meeting the operational and administrative costs of the
Corporation; or
(b) performing payment obligations of the Corporation in
respect of insured deposits in the case where the Fund
is unable to meet the payment obligations. Zambia Deposit Insurance Corporation [No. 11 of 2026 490
Emergency
funding
General
Reserve
Fund
Annual
report

unable to meet the payment obligations. Zambia Deposit Insurance Corporation [No. 11 of 2026 490
Emergency
funding
General
Reserve
Fund
Annual
report

39. The Fund shall be subrogated to the rights and interests of a
depositor, to the extent of the amount of a payment made out of
the Fund by the Corporation in respect of that depositor. 40. (1) The Corporation shall collaborate with the Bank for
purposes of the Bank assisting the Corporation in the performance
of the functions of the Corporation.

Corporation shall collaborate with the Bank for
purposes of the Bank assisting the Corporation in the performance
of the functions of the Corporation.

(2) Despite the generality of subsection (1), the Corporation and
the Bank shall collaborate on the following matters:
(a) reporting arrangements under this Act;
(b) the manner and processes for conducting joint inspections
of member institutions;
(c) requests for information and documents, including returns,
reports or any other relevant information or documents
necessary for the effective operation of the Corporation;
(d) arrangements and agreements for purposes of ensuring
that transit arrangements relating to clearing and
settlement of payments are dealt with in an appropriate,
consistent and timely manner for purposes of establishing
depositor balances during a resolution or liquidation of a
failed member institution;
(e) cooperation with a liquidator of a failed member institution,
where the Corporation is not appointed as a liquidator
by the Bank under this Act, for purposes of facilitating
the process of reimbursement of insured deposits of that
failed member institution; and
(f) provision of resources by the Bank to the Corporation,
including the staff of the Bank. 41. The Corporation may be appointed by the Bank as a
liquidator of a failed member institution. 42.

the Corporation,
including the staff of the Bank. 41. The Corporation may be appointed by the Bank as a
liquidator of a failed member institution. 42.

(1) Subject to the Data Protection Act, 2021, a member
institution shall submit to the Corporation information, data,
statements and reports relating to depositors in a manner and form
as may be determined by the Corporation. (2) A member institution that contravenes subsection (1) commits
an offence. Zambia Deposit Insurance Corporation491 No. 11 of 2026]
Subrogation
Collaboration
with Bank
Appointment
of
Corporation
as liquidator
Submission
of
information
Act No. 3 of
2021

orporation491 No. 11 of 2026]
Subrogation
Collaboration
with Bank
Appointment
of
Corporation
as liquidator
Submission
of
information
Act No. 3 of
2021

43. (1) The Corporation shall, at least once a year, furnish
member institutions with information, including public education
materials, relating to the following:
(a) the Corporation;
(b) insured deposits and excluded deposits;
(c) the coverage limit;
(d) procedures to be followed by a depositor in claiming from
the Fund; and
(e) any other information that the Corporation considers
necessary for purposes of ensuring that depositors are
made aware of matters relating to this Act. (2) A member institution shall display the information referred
to under subsection (1) in a conspicuous place at the member
institution’s principal administrative office and any other premises
where the member institution carries on business or electronic
media as the Corporation may determine. (3) A member institution shall comply with the requirements of
this section within twenty-four months after the commencement
of this Act. 44. (1) A person who is aggrieved with a decision of the
Corporation may, within thirty days from the date of receipt of the
decision appeal, in writing, to the Minister.

is aggrieved with a decision of the
Corporation may, within thirty days from the date of receipt of the
decision appeal, in writing, to the Minister.

(2) The Minister shall, within thirty days of receipt of an appeal
under subsection (1), determine the appeal and inform the appellant,
in writing, of the Minister’s decision, stating the reasons for the
decision. (3) A person who is aggrieved by the decision of the Minister
may, within thirty days of receipt of the decision, appeal to the
High Court. 45. A person who commits an offence under this Act, for which
a penalty is not provided is liable, on conviction, to a fine not
exceeding two hundred thousand penalty units or to imprisonment
for a term not exceeding two years, or to both. 46. (1) The Corporation may impose an administrative penalty
on a person for a failure to comply with a provision of this Act
which is not an offence. Zambia Deposit Insurance Corporation [No. 11 of 2026 492
General
penalty
Administrative
penalty
Public
awareness
Appeals

Act
which is not an offence. Zambia Deposit Insurance Corporation [No. 11 of 2026 492
General
penalty
Administrative
penalty
Public
awareness
Appeals

(2) An administrative penalty shall not exceed the amount
prescribed by the Minister, by statutory instrument, for each day
during which the failure continues. (3) An administrative penalty shall be paid to the Corporation
within the period specified by the Corporation. (4) If a person on whom an administrative penalty is imposed in
accordance with this section fails to pay the administrative penalty
within the time specified under subsection (3), the Corporation may,
by way of civil action in a competent court, recover the amount of
the administrative penalty from that person as an amount due and
owing to the Corporation. 47. Where an offence under this Act is committed by a body
corporate or an unincorporate body, with the knowledge, consent
or connivance of the director, manager, shareholder or partner of
the body corporate or an unincorporate body, that director, manager,
shareholder or partner is liable, on conviction, to the penalty specified
for that offence under this Act. 48.

corporate body, that director, manager,
shareholder or partner is liable, on conviction, to the penalty specified
for that offence under this Act. 48.

Where a judgment or court order is obtained against the
Corporation, execution, attachments or process of any nature shall
not be issued against the Corporation or against the property of the
Corporation, but the Corporation shall cause to be paid out of the
funds of the Corporation an amount that may, by judgement or
court order, be awarded against the Corporation to the person
entitled to the amount. 49. (1) The Corporation may, in the exercise of the functions of
the Corporation under this Act, issue guidelines that are necessary
for the better carrying out of the provisions of this Act. (2) The Corporation shall publish the guidelines issued under
this Act in the Gazette and in a daily newspaper of general circulation
in the Republic or any other electronic media that the Corporation
may determine. (3) The guidelines issued by the Corporation shall take effect on
the date of publication and shall bind all persons on matters relating
to this Act. 50. (1) The Minister may, on the recommendation of the
Corporation, by statutory instrument, make Regulations for the
better carrying out of the provisions of this Act. Zambia Deposit Insurance Corporation493 No.

tion, by statutory instrument, make Regulations for the
better carrying out of the provisions of this Act. Zambia Deposit Insurance Corporation493 No.

11 of 2026]
Offence by
principal
officers of
body
corporate or
unincorporate
body
Execution of
judgment
against
assets of
Corporation
Guidelines
Regulations

2026]
Offence by
principal
officers of
body
corporate or
unincorporate
body
Execution of
judgment
against
assets of
Corporation
Guidelines
Regulations

(2) Despite subsection (1), regulations made under subsection
(1) may provide for—
(a) determination and payment of premiums to be paid by
member institutions;
(b) determination of the target fund size, depositor coverage
and coverage limit for depositors;
(c) investment of the monies of the Fund;
(d) investment guidelines;
(e) matters relating to member institutions;
(f) reporting procedures and submission of information on
matters relating to the Fund;
(g) information sharing arrangements with the Bank and other
relevant institutions;
(h) penalties to be imposed by the Corporation on member
institutions for non-payment of premiums;
(i) fees and charges;
(j) accounting procedures governing the Fund;
(k) operationalisation of the Fund;
(l) administration and management of the Fund;
(m) reimbursement of insured deposits in the event of a pay-
out;
(n) grievance procedure in respect of an insured deposit;
(o) appointment of agents of the Corporation;
(p) public awareness by member institutions; or
(q) any other matter necessary for the efficient operation,
administration and management of the Fund. 51.

public awareness by member institutions; or
(q) any other matter necessary for the efficient operation,
administration and management of the Fund. 51.

Despite the repeal of the Banking and Financial Services
Act, the assets, liabilities, powers, rights, obligations and privileges
of the deposit protection scheme established by the Bank under
the repealed Banking and Financial Services Act shall vest in the
Corporation on the commencement of this Act. Zambia Deposit Insurance Corporation [No. 11 of 2026 494
Cap. 387
Cap. 387
Transitional
provisions

in the
Corporation on the commencement of this Act. Zambia Deposit Insurance Corporation [No. 11 of 2026 494
Cap. 387
Cap. 387
Transitional
provisions

SCHEDULE
(Section 4(2) and 7(6))
PART I
THE ZAMBIA DEPOSIT INSURANCE CORPORATION
1. (1) The seal of the Corporation shall be a device that may be
determined by the Board and shall be kept by the Director-General. (2) The affixing of the seal shall be authenticated by the
Chairperson or the Vice-Chairperson and the Director-General or
any other person authorised in that behalf by a resolution of the
Board. (3) A contract or instrument which, if entered into or executed
by a person not being a body corporate, is not required to be under
seal, may be entered into or executed without seal on behalf of the
Corporation by the Director-General or any other person authorised
in that behalf by a resolution of the Board. (4) A document purporting to be a document under the seal of
the Corporation or issued on behalf of the Corporation shall be
received in evidence and shall be considered to be so executed or
issued, without further proof, unless the contrary is proved. 2.

orporation shall be
received in evidence and shall be considered to be so executed or
issued, without further proof, unless the contrary is proved. 2.

(1) A member of the Board shall, subject to other provisions
of this Act, hold office for a term of three years from the date of
appointment and may be re-appointed for a further and final term
of three years, except for a member referred to under section
7(1)(a). (2) A member of the Board shall, on the expiration of the term
for which the member is appointed, continue to hold office until
another member is appointed, but in no case shall an extension of
the period exceed three months. (3) The office of a member of the Board becomes vacant if the
member—
(a) dies;
(b) is adjudged bankrupt under any written law;
(c) is absent, without reasonable excuse, from three
consecutive meetings of the Board of which the member
has had notice, without the prior approval of the Board;
Zambia Deposit Insurance Corporation495 No. 11 of 2026]
Seal of Zambia
Deposit
I n s u r a n c e
Corporation
Tenure of
office and
vacancy

f the Board;
Zambia Deposit Insurance Corporation495 No. 11 of 2026]
Seal of Zambia
Deposit
I n s u r a n c e
Corporation
Tenure of
office and
vacancy

(d) resigns, by giving one month’s notice in writing, to the
Minister;
(e) is legally disqualified from performing the functions of a
member of the Board;
(f) ceases to be an employee or a member of the ministry,
institution or organisation that nominated the member
of the Board; and
(g) is convicted of an offence under this Act or any other
written law and sentenced to imprisonment for a term
exceeding six months without the option of a fine. (4) The Minister shall, where the office of a member of the
Board becomes vacant before the expiry of the term of office,
appoint another member of the Board in place of that member, but
that member shall hold office as a member of the Board only for
the unexpired part of the term of the Board. 3. (1) Subject to the other provisions of this Act, the Board may
regulate its own procedure. (2) The Board shall meet for the transaction of business at least
once every three months at a place and time that the Chairperson
may determine.

ure. (2) The Board shall meet for the transaction of business at least
once every three months at a place and time that the Chairperson
may determine.

(3) The Chairperson of the Board shall, on giving notice of not
less than fourteen days, call for a meeting of the Board, or where
one third or more of the members of the Board so request, in
writing, except that if the urgency of a particular matter does not
permit the giving of a notice, a special meeting may be called on
giving a shorter notice. (4) Five members shall form a quorum at a meeting of the Board. (5) There shall preside at any meeting of the Board—
(a) the Chairperson;
(b) in the absence of the Chairperson, the Vice-Chairperson;
or
(c) in the absence of the Chairperson and the Vice-
Chairperson, a member of the Board as the members
of the Board present may elect for the purpose of that
meeting. Zambia Deposit Insurance Corporation [No. 11 of 2026 496
Financial
year
Accounts and
audit
Proceedings
of Board and
Corporation

rpose of that
meeting. Zambia Deposit Insurance Corporation [No. 11 of 2026 496
Financial
year
Accounts and
audit
Proceedings
of Board and
Corporation

(6) A decision of the Board on any question shall be by a
majority of the members of the Board present and voting at the
meeting and, in the event of an equality of votes, the person presiding
at the meeting shall have a casting vote in addition to the deliberative
vote. (7) A member may, where the member is for any reason unable
to attend a meeting of the Board, nominate another person at senior
management level, in writing, from the same ministry, institution or
organisation to attend a meeting of the Board in that member’s
stead and that person shall be considered to be a member for the
purpose of that meeting. (8) The Board may invite a person whose presence is in the
Board’s opinion desirable to attend and to participate in the
deliberations of the meeting of the Board but that person shall have
no vote. (9) The Board shall cause minutes to be kept of the proceedings
of every meeting of the Board and any committee of the Board. 4. (1) The Board may, for the purpose of performing its functions
under this Act, constitute a committee and delegate any of its
functions to the committee as the Board considers necessary.

f performing its functions
under this Act, constitute a committee and delegate any of its
functions to the committee as the Board considers necessary.

(2) The Board may appoint as members of a committee persons
who are or are not members, except that at least one member of
the Board shall be a member of a committee. (3) A member of a committee shall hold office for a period that
the Board may determine. (4) Subject to any specific or general directions of the Board, a
committee may regulate its own procedure. 5. A member of the Board or a member of a committee of the
Board shall be paid allowances that the Emoluments Commission
may, on the recommendation of the Minister, determine. 6. (1) A person who is present at a meeting of the Board or
committee of the Board, at which any matter is the subject of
consideration and in which matter that person or that person’s relative
or associate is directly or indirectly interested in a private capacity,
shall, as soon as is practicable after the commencement of the
meeting, declare that interest and shall not, unless the Board or
committee otherwise directs, take part in any consideration or
discussion of, or vote on, any question relating to that matter. Zambia Deposit Insurance Corporation497 No. 11 of 2026]
Committees
of Board
Allowances
Disclosure of
interest

n, any question relating to that matter. Zambia Deposit Insurance Corporation497 No. 11 of 2026]
Committees
of Board
Allowances
Disclosure of
interest

(2) A disclosure of interest made under subparagraph (1)
shall be recorded in the minutes of the meeting at which it is
made. 7. An action or other proceedings shall not lie or be instituted
against a member of the Board or committee of the Board or a
member of staff of the Corporation for, or in respect of, an act or
thing done or omitted to be done in good faith in the exercise or
performance of any of the powers, functions or duties conferred
under this Act. 8. (1) A person shall not, without the consent, in writing, given
by, or on behalf of, the Corporation, publish or disclose to a person,
other than in the course of duties of that person, the contents of a
document, communication or information which relates to or which
has come to the knowledge of that person in the course of that
person’s duties under this Act. (2) A person who contravenes subparagraph (1) commits an
offence and is liable, on conviction, to a fine not exceeding two
hundred thousand penalty units or to imprisonment for a term not
exceeding two years, or to both.

s liable, on conviction, to a fine not exceeding two
hundred thousand penalty units or to imprisonment for a term not
exceeding two years, or to both.

(3) A person who, having information which to that person’s
knowledge has been published or disclosed in contravention of
subparagraph (1), unlawfully publishes or communicates the
information to another person, commits an offence and is liable,
on conviction, to a fine not exceeding two hundred thousand penalty
units or to imprisonment for a term not exceeding two years, or to
both. PART II
FINANCIAL PROVISIONS
9. (1) The funds of the Corporation consist of monies that
may—
(a) be appropriated to the Corporation by Parliament;
(b) be allocated by the Board as a proportion of interest
income from investment of the funds of the Fund for
purposes of meeting the operational and administrative
costs of the Corporation;
(c) be received by way of grants or donations from any
source within the Republic and subject to the approval
of the Minister, from any source outside the Republic;
Zambia Deposit Insurance Corporation [No. 11 of 2026 498
Immunity of
members
Prohibition of
publication
or disclosure
of
information
to
unauthorised
person
Funds of
Corporation

orporation [No. 11 of 2026 498
Immunity of
members
Prohibition of
publication
or disclosure
of
information
to
unauthorised
person
Funds of
Corporation

(d) be paid to the Corporation by way of charges or fees;
and
(e) vest in or accrue to the Corporation. (2) The Board shall approve loans for the Corporation on terms
and conditions that the Board may determine for purposes of
facilitating a resolution or reimbursement of insured deposits. (3) There shall be paid from the funds of the Corporation —
(a) the salaries, allowances and loans of members of staff of
the Corporation;
(b) reasonable travelling, transport and subsistence allowances
for members of the Board or members of any committee
of the Board when engaged in the business of the
Corporation, at rates that the Emoluments Commission
may, on the recommendation of the Minister, determine;
and
(c) any other expenses incurred by the Corporation in the
performance of the Corporation’s functions. (4) The Corporation may invest, in a manner that the Board
considers appropriate, funds of the Corporation that it does not
immediately require for the performance of the Corporation’s
functions. 10. The financial year of the Corporation shall be a period of
twelve months ending on 31st December in each year. 11.

of the Corporation’s
functions. 10. The financial year of the Corporation shall be a period of
twelve months ending on 31st December in each year. 11.

(1) The Board shall cause to be kept proper books of accounts
and other records relating to the accounts of the Corporation. (2) The accounts of the Corporation shall be audited annually or
whenever necessary by the Auditor-General or an auditor appointed
by the Auditor-General. (3) The auditor’s fees shall be paid by the Corporation. Zambia Deposit Insurance Corporation499 No. 11 of 2026]
Financial
yearr
Accounts
and audit