BRRA Executive Director Sharon Sichilongo commends BoZ’s Regulatory Impact Assessment
By Derrick Sinjela
In fulfilling one of its objectives of promoting a conducive business regulatory environment, the Business Regulatory Review Agency (BRRA) is conducting a Regulatory Impact Assessment (RIA) engagement with the Bank of Zambia.
This Regulatory Impact Assessment move follows the Bank of Zambia’s ,(BoZ) notification to BRRA on the proposed review of the National Payment Systems Act of 2007.
The objective of the legislative review is to improve clarity of the law, refine the oversight and control mechanisms and provide for resilience of payment systems in the National Payment Systems Sector. It will also provide for emerging issues and technologies in the National Payment Systems.
The BRRA Executive Director Sharon Sichilongo has commended the Bank of Zambia for taking the necessary steps towards conducting a RIA for the proposed legislative changes.
The BRRA’s goal is to create a culture where regulatory institutions could independently and proactively assess, evaluate and navigate the effects of regulatory measures in their specific domains.
The Executive Director is accompanied by Director – Regulatory Affairs, David F. Banda and Senior Regulatory Impact Assessment Analyst Thelma Musonda.
The RIA engagement exercise, took place in Kabwe from Monday, 18th – Wednesday, 20th December, 2023, was conducted in accordance with the requirements under Section 6 of the Business Regulatory Act No. 3 of 2014 which obligates public bodies to perform a regulatory impact assessment when proposing to introduce a policy or law for regulating business activity.
BRRA Executive Director Sharon Sichilongo
