STANDARD Chartered Bank Zambia has introduced another first on the market – the US dollar debit card that will be issued on US dollar account and can be used worldwide at more than one million Visa branded Automated Teller Machines (ATMs) and any points of sale terminal.
The US dollar debit card would enable the customer to withdraw cash from their dollar account 24 hours a day, any time, anywhere.
According to a statement released by Standard Chartered area head of corporate affairs for Southern Africa Luke Njovu, the benefits include access to the account with local withdrawals accrued in Kwacha and withdrawals outside Zambia would be in respective currencies.
Customers would also enjoy the benefit of Internet and points of sale transactions to purchase products and services at Visa branded terminals, both locally and internationally.
Card holders would enjoy insurance cover for fraud, ATM cash robbery, purchase protection and personal accident death only. The US debit card would be issued to customers at no cost.
Commenting on the latest product launch, Standard Chartered Bank Zambia managing director Mizinga Melu said her bank was excited about the US dollar debit card and the greatly enhanced service and convenience it offered to customers.
“We differentiate our brand in Africa through our ability to leverage on our international expertise and product capabilities to introduce innovative services into our African markets.
“The launch of the US dollar debit card is yet another example of this competitive advantage, and further evidence that we are continuing to invest heavily in our African franchises,” Mrs Melu said.
Head of consumer banking Ralph Watungwa said the launch of the card in Zambia was the latest in a list of ‘alternative banking channels’ introduced by Standard Chartered Bank.
Thanx StanChart.I cant wait to have one.
Stanchart, we appreciate the introduction of this new product. We hope the costs related to the use of this card wont be excessive.
Does this not erode the confidence of the Kwacha? How come the USA does not issue kwacha accounts? Can Ms Melu explain how the Zim dollar found itself where it is today? Soon the Kwacha will only be good for Kachasu. Ridiculous!
My major concern is the limit one can withdraw the USD using this debit card. One way of laundering money is using legal or criminal businesses. This can be facilitated by having distributed bank accounts whose inflows musk the real sources of these funds. This is in the same way Barclays Bank UK was cited as the courier for Osama Bin Laden’s funds to his terrorist network. Imagine the expertise such banks have in detecting criminality but bin Laden eluded them. In short, can Stanchart assure us how they will mitigate this risk , of money laundering that aids terrorism and drug trafficking, in the wake that withdraws can be done anywhere in the world?
Zambia is always 50 years behind in everything and when they catch up on something, they make a big announcement, how embarrassing!! …shudder8-|
You are killing your kwacha , then it is better you drop a kwacha and start using the us dollar, this is the foolishiness of africans ..
Is this the start of dollarisation in Zambia? Hope they know what they are doing.
so Western Union Moneygram Adios good doing business with y’all..Zambians, Send Debit cards,pin nos> send card to Z include PIN # and whenever you deposit money here,they withdraw in Z bingo!!no service(rip off) charges….
🙂 nshilimubemba no# 6 my bululu or adumbu my sentiments exactly and people are celebrating.
# 8 Nationalista
I have being doing that for the past 4 yrs, open account abroad, send card and pin to Zed, put manee in.
# 5 Nubian Princess
maybe you dont know that Zambia is a developing country.
Finally someone has opened eyes……:)