The Higher Education (General) Regulations, 2024, that were issued to operationalise the Higher Education (Amendment) Act, 2021, and took effect on 29^th August, 2024, introduced the Annual Institution Audit Fee for HEIs as follows:

The notice applies to all public and private HEIs as defined by the Higher Education (Amendment) Act, 2021, and includes colleges, university colleges, universities, technical university colleges, technical universities, Institutes, and institutions for the specialised training of professionals in a specified field.

The Higher Education (Amendment) Act, 2021, Section 22A (1) states that a Higher Education Institution registered or declared by statutory order under this Act shall be subjected to an Annual Institutional Audit by the Authority in the prescribed manner and form on payment of the prescribed fee.

Therefore, failure by an HEI to comply with the audit requirements is a contravention of the Higher Education Act as stipulated in the Higher Education (Amendment) Act, 2021, Section 23 (1) (b).

HEIs depositing funds directly at the bank are requested to clearly indicate the name of the HEI and the purpose of the payment on the deposit slip as the reference. This helps the Authority correctly identify payments that are received without narration.

Example: University of Zambia – Annual Institutional Audit Fee.

HEA Banking Details

Account Name                     : Higher Education Authority
Account Number                 : 558 673 9300 116
Bank Name                          : Zambia National Commercial Bank
Branch Name                       : Government Complex
Branch Code                        : 084
Swift Code                           : ZNCOZMLU
Sort Code                            : 010084

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