Bank of Zambia bans cash withdrawals of more than K25,000

119
33,708 views
BoZ Deputy Governor Bwalya Ng’andu
Bwalya Ng’andu

The Bank of Zambia has issued a circular to all commercial banks limiting the amount of money that can be withdrawn through cheques.

The circular dated 14 October 2016 signed by Bank of Zambia Deputy Governor- Operations Bwalya Ngandu is aimed at promoting the use of electronic payment methods.

The Central Bank said in the implementation of the new limits, splitting of cheques in an effort to circumvent the prescribed limits is prohibited as it violates the spirit of this directive.

“Split cheques will attract a penalty fee on the paying bank of 25% of the value of the split cheques up to a maximum of two hundred thousand penalty units as stipulated in Section 43 of the National Payment Systems Act of 2007,” the circular read.

“The fee will be paid to the National Electronic Clearing House Limited and will be collected on a monthly basis through the paying bank’s settlement account held at the Bank of Zambia. These limits shall take place 180 days from date of this circular,” Dr Ngandu said.

He warned that failure to comply with the above requirement could in addition attract penalties in line with Section 43 of the National Payment Systems Act of 2007.

boz-circular

119 COMMENTS

    • +36
      -9
      vote

      This is total nonsense … what can a millionaire do with $2,500 cash? At least peg it at $10,000 which is at least a daily reserve deposit limit in the west before triggering a Fed Call!

      The smart people of the Zambian Enterprise deserve better terms if we have to develop this country. This limit is going to create a way for people to keep their own cash and not put it into the banking system.

      We all know that the bank factor is 7 times so, if the funds are withdrawn from the system, banks would not be able to issue new mortgages because their reserve ration of 30% would be reduced and the ripple effects continues.

      Who is advising this guy? No Single Zambian Is Qualified For Stupidity, A Smart People We are … So Help Us God ~ B R Mumba, Sr.

    • +43
      -5
      vote

      We told you but you didn’t want to listen. Don’t complain just dance dununa reverse from sunrise to sunset!

    • +6
      -1
      vote

      Meant to say “… their reserve ratio of 30% would be reduced and the ripple effects continue.” Sorry about the typo earlier

    • +13
      -2
      vote

      This is exactly what I predicated many months ago. Next will be Zimbabwean like bonds to pay government workers half of their salaries and then other half in real money.

      For Zambia may be the workers will be paid in coupons for food and fuel including transport.

      Under PF and Lungu Zambia are in for some shocking suffering ahead.

      VIVA UPND , HH and GBM.

    • +21
      -2
      vote

      Mumba is now tired of clapping for the mediocrity in Zambia, Welcome to reality.
      It’s now “Zambabwe”

    • +5
      -2
      vote

      Comment:
      PF CADRES are surely naturely DULL. This move is simply to help ZRA recover or maximize revenue collection.

      How do you think UPND is being hammered? moreover HH and UPND have not made any KALOBA to pay for the campaigns but can we say the same about PF??

      LEAVE economic affairs to knowledge able Zambians please.

    • +3
      -8
      vote

      This is good news.

      In some countries the primitive way of life, of galavanting with hard cash as if you are crazing catle from place to place is long forgotten.

      Why do people want to cling to primitivity even when there are better ways of trading and transacting?

      Come on, why do we love our primitive ways of ingombe ilede?

      Why do we resist civilization? Is this a mental or spiritual problem or the former because of the latter.

      The NOZ is in the perfectly right path – the exact way to go.

      Well done Bank of Zambia!!!

    • +4
      -2
      vote

      Dunyonyo reverse!!!! Everyone will be messed up now. My money out of the bank tomorrow, this is simply my response to Anti-Banking laws now in operation. Bye bye banking.

    • +4
      -2
      vote

      The ZIMBABWENIFICATION of Zambibwe has started. Why do Zambian leaders love to copy from failed states?

      Even when we told FTJ not to copy from DRC the loosening of forex exchange controls thru bureau-de-changes, he was stubbornly adamant. The damage to the Kwacha is there for everyone to see.

      The limit of withdrawals will actually lead to the opposite. People will shun the banks & avoid depositing becoz withdrawing is hard. It’ll be like in the 80’s when people used to stash money in pillows, mattresses, in ceilings like the indian traders in Kamwala.

      Anyway it’s dununa reverse so its not a surprise we are being kicked to the 80’s.

    • +2
      0
      vote

      How will Chinese pay road casual workers?

      Electronic banking is extremely expensive. To withdraw K24,000 at ATM u need make 6 withdrawals at StanChart * K8 fees = K48 & 12 withdrawals @Cavmont (max is K2,000) * K5 = K60. Now compare with one withdrawal over the counter at K20/withdraw!
      There are limits on number of withdraws with ATM & swiping. An insider at StanChart confided in me when I complained why certain months I was paying over K400 just in Adm/Mgt fees, Savers fees etc in addition to the maintenance fee, . He said if u withdraw with ATM more than 4times a month u attract Adm/Mgt fees, Savers fees of over K50/withdraw.

      Besides not everyone has access to nor is conversant with electronic/mobile banking. Level of literacy in Zambia is low. Remember many people just know…

    • vote

      Besides not everyone has access to nor is conversant with electronic/mobile banking. Level of literacy in Zambia is low. Remember many people just know how to call & say Hallo on cellphones. Now to subject to the jargon of navigating thru passwords they have never heard of is too steep a mountain to climb. Remember the unschooled relatives in the compounds, markets & villages.
      They are also ‘PF’ voters!

    • +1
      -1
      vote

      Br Mumba you are such a monkey see monkey do. All your arguments are about imitating the west. Not all development apes America. Ask the Chinese Russians

  1. +15
    -5
    vote

    And so it begins. We are on the right highway to the Zimbabwe situation. As we speak the Zimbabweans are only allowed to withdraw 50 US dollars a day and that even that you will be lucky to get. What percentage of our population has access to electronic banking?

    • +6
      -2
      vote

      The problem with PF has always been the Unipist mentality that you can legislate for development, that you can decree for prosperity. We saw the abject failure of their SI 33 and 55 but they have not woken up to the reality. Financial and monetary controls cannot bring more use of electronic payments. They should be training banks to negotiate with their customers to go for more efficient means of transactions. For me efficiency means less charges and less time to transact. For example, most retailers do not accept card payments because the banks charge them 5% of the values paid. Surely is that cheaper than handling cash and having the cashier queue at the bank? Clearly it is not. But BoZ wants to ride roughshod and declare new rules all the time that frustrate Zambians. #DUNUNA-REGRET…

    • +1
      0
      vote

      Electronic system for an illiterate people?? Understand, the majority of Zambians do not know how to use the internet. Is this your way of preventing the poor illiterate people from progressing monitarily? Shameful!

  2. +9
    -34
    vote

    Kaponya (HH) is siphoning money with his Boer thugs Scott Mmembe to South Africa. We have to stop this crooked Kaponya.

  3. +12
    -3
    vote

    Mwanya Zambians!!
    More Dununa Sontapo, & just the beginning of Zimbabwenomics.
    Now You will experience darkness & suffering like the boils on Kudos’ sick M.puti

    • +10
      -1
      vote

      THE ZAMBIAN ENTERPRISE, LED BY ZAMBIA’S “ABRAHAM LINCOLN” -EDWARD.
      Dream on Cadres, & You expect to build & maintain Mega Cities with this type of Government, which has lamentably failed @ the simple task of garbage collection, & maintaining the cities sewerage system.
      Do Not complain, & now bwetuka ati ” this is total nonsense” This is the Vision you have been spewing, & boasting about., all evidence that the P.F, cadres, & self confessed “Unipist” use their Gluteus maximus for thinking.
      WHAT SAY YOU ABOUT YOUR WISE LEADER – EDWARD, B.R. MUMBA??

  4. +16
    -1
    vote

    Kudos how can that Kaponya siphon money from the whole economy. It is either you are stupid in your head or Zambia’s economy is dead if one person can manage to siphon money from the whole economy. Some reasoning sure.

  5. +10
    -2
    vote

    For once Kudos try to reason like B R Mumba, Sr who I believe supported PF in the just ended election. He is able to analyse and call things the way they should. He can be a helpful supporter of PF. But your royalty to this party is dangerous. Even when one is sheeting in his trousers as long as he is PF, to you that sheet is not faeces.

  6. +5
    -2
    vote

    I’m withdrawing all my cash and keep it at home before these guys make yet another decision to limit withdrawals to K5,000 per week.

  7. +1
    0
    vote

    Zambia on the right path to self destruction. This country is going down. Thanks to foolish pf cadres to allow kachasu man to CEO of this country.

  8. +8
    -2
    vote

    ZAMBIA IS LARGELY A CASH ECONOMY. HOW WILL THIS AFFECT OUR BLACK MARKET ECONOMIC ACTIVITY? WE ALL KNOW THAT ZAMBIA STILL HAS TO TRANSFORM A LARGE PART OF THE ECONOMY INTO A FORMAL AND MEASURABLE ACTIVITY. EXAMPLE IF YOU RUN A FARM AND HAVE TO PAY CASUAL OR PIECE WORKERS, HOW ARE YOU EXPECTED TO DO THIS WITH SUCH LITTLE CASH ON HAND? THE SAME PEOPLE THAT WERE DANCING AND VOTING DUNUNAA REVERSE ARE THE PEOPLE THAT WILL SUFFER THE MOST. WE HAVE A SERIOUS PROBLEM WITH THE BALANCE OF PAYMENTS AND CASH CONTROLS WILL NOT SOLVE IT. WHAT WE NEED IS MORE ECONOMIC ACTIVITY THAT RESULTS IN JOBS. STRANGLING THE BLACK MARKET ECONOMY WILL ONLY LEAD TO MORE SUFFERING OF THE POOR. ANY TWALASELA MUBOMBEKO GUYS!!!!
    “GOOD LUCK! ONE LOVE, WE ALL LOVE MOTHER ZAMBIA”

    • +4
      -5
      vote

      It precisely because the economy is so cash based that such a measure is being introduced to encourage electronic payments. Re your example of farmer workers, ask them to open mobile money or bank accounts. This way when they are paid they will not have to spend all the money but can save some of it and begin to build a financial record which might be useful for them in future when they need to access credit. I honestly do not see anything wrong with this in the long run as it will help to strengthen the financial system.

    • +6
      0
      vote

      @9.1 blabla NOT EVERYONE HAS ACCESS TO MOBILE SERVICES. PLUS THERE IS THE ISSUE OF FEES ASSOCIATED WITH MOBILE SERVICES AND TRANSACTIONS THIS IS ESSENTIALLY IMPOSING A TAX ON PEOPLE FOR USING THEIR HARD EARNED MONEY. THIS WILL LEAD TO A STRANGULATION OF THE BLACK MARKET ECONOMIC ACTIVITY. THIS ACTIVITY ACCOUNTS FOR A LARGE PART OF THE GDP EVEN THOUGH IT’S NOT ALWAYS RECORDED OR RECOGNIZED. I GET WHAT YOU ARE SAYING BUT OUR ECONOMY HAS NOT REACHED A LEVEL OF MATURITY TO SUPPORT THIS KIND OF MEASURE. BESIDES THE LITTLE INTEREST EARNED WILL ALL BE GULPED BY THE FEES THAT CONSUMERS HAVE TO CONTEND WITH. THERE IS NO WAY SUCH A MEASURE WILL IMPROVE ANYTHING EXCEPT SLOW ECONOMIC ACTIVITY. ON THE FLIP SIDE I GUESS WHAT WE HAVE IS NOT WORKING SO IT’S TIME TO TRY SOMETHING ELSE?

  9. +9
    -2
    vote

    Please President Lungu transfer this Bwalya Ng’gandu to the Village. Take him to Ikeneng’i or something.

    • +2
      0
      vote

      @Tutu Not Liatolysis (state of being found with excessive amounts of currency). BOZ is agaist Liatolification like Mpombo

  10. +8
    0
    vote

    Simple e-banking costs will shoot up on admin fees…Find out why clients don’t want to use the electronic payment system prefer cheque, don’t regulate everything don’t take the lazy mans way out of an issue…so some simple market research…sigh awe…

  11. +3
    0
    vote

    Mmmm …. I am not a Banker nor Economist but this looks scary. Let us hope this will not soon lead to a situation of seizing people bank deposits especially those who earn and remit forex back home with the hope of coming to use it to invest once they return. For this one alone,the Threshold must be raised to a minimum of K50,000 which is close to K5,000!

  12. +4
    -1
    vote

    Clueless clowns thinking they are “working”!!

    The result of this will be EXACTLY THE OPPOSITE of what they are trying to achieve.

    And be the cause of many more JOB LOSSES! The one million jobs promise is hereby in reverse gear, full speed.

  13. +3
    -6
    vote

    PEOPLE FROM DUNDUMWEZI ARE CONFUSED OVER THIS SIMPLE MATTER. HOW MANY CHEQUES IS A CLIENT EXPECTED TO DRAW IN A MONTH? SO IF THE TOTAL AMOUNT FOR SALARIES OF YOUR WORKERS TENDING THE DENKETE INFESTED COWS AMOUNTS TO OVER K25,000 YOU CAN DRAW THE MONEY OVER 2 OR 3 DAYS. UNLESS HE SAID IN A MONTH YOU CANNOT DRAW OVER K25,000. Or TELL THEM TO OPEN BANK ACCOUNTS.

    • +7
      -5
      vote

      Why should Bwalya, that Bemba idyot, tell me how to withdraw my money and over how many days? Is he there to help me feed, secure and look after my cows? BoZ is infested with PF cadres like Bwalya who know nothing about banking. It is the same problem at ZRA, Zesco, ERB, RTSA and the courts. All PF cadres scheming how to fix Zambians!

  14. +6
    -2
    vote

    Such policy implementation needs wide consultation. Farming operations require weekly cash payment because of casuals employed on a weekly or daily basis depending on the tasks available. We don’t expect such casuals to have bank accounts where the company can transfer their weekly wages.

  15. +7
    -3
    vote

    This is what happens when jobs are not given on merit but based on who makes the most noise to support the president and what do you expect from the person working under the might one clueless Edgar Chapona Wrungu.

  16. +6
    -1
    vote

    Only a **** couldn’t foresee that this bum in State House is incapable to steer this bus, very soon we will be like Zimbabwe…really sad…the selfsame people who do not want to check reckless misappropriations and unvouched spending in AG’s Report are the ones putting caps on your own money you have sweated for.

  17. +5
    -1
    vote

    Zimbabwe, here we come. Next it will be ATMs. They will put a limit of K3,000 per week. All SME s will keep money at home until the Banking system collapses.

    • +4
      -1
      vote

      This how it started in Greece…everyone will turnup to withdraw and close accounts at the banks in panic!

    • +2
      -1
      vote

      No @ 23.
      Ngandu’s Boss “Edward Lungu” is responsible, & should be retired. He is the one hiring these non deserving cheerleaders, Cadres, & relatives. Merit no longer counts in “Edwards failed state!!
      Zambia is finished, & the only thing that is not deteriorating & going in reverse is “Edward” & his ministers/ cheerleaders U$D bank balances.

  18. +2
    0
    vote

    Looks like the heading to the article is wrong and misleading. It is not just about cash even cheque payments, K100,000, down to K25000.

  19. +1
    0
    vote

    Comment:WELCOME TO ZIMBABWE where everything is limited.Away with democracy they say and welcome dictator ship government.Yaba,this is not reverse or forward,but it’s a downgrade of our country to zero Kwacha,that means no withdrawal of cash in the next 7months.I sense the future with crisis and cries.

  20. +1
    0
    vote

    At this rate Zambians will begin very soon scampering for safety out of what Mwanawasa once described as a sinking titanic and become refugees.

    • +1
      0
      vote

      And clueless Lungu thinks Zambians in the diaspora will come back and invest their hard earned cash?

      This is a very clear message to them. Your money is not safe in Zambia.

      Invest somewhere else!

  21. +3
    0
    vote

    HH and GBM must not be soiled by this nonsense. Let your vision less and clueless illegitimate president solve it. Sonta! Sonta! Sonta! We shall see what you will sonta ba makaka.

  22. 0
    -3
    vote

    Comment:salute to BOZ cause this will reduce our work at cheque clearing house…pipo wise up this is a coolest ideal.

    • +1
      0
      vote

      The cheques are scanned and electronically transmitted . Customers pay banks fees for such activity. There’s nothing free in banking.

  23. +1
    -1
    vote

    This is good news.

    In some countries the primitive way of life, of galavanting with hard cash as if you are crazing catle from place to place is long forgotten.

    Why do people want to cling to primitivity even when there are better ways of trading and transacting?

    Come on, why do we love our primitive ways of ingombe ilede?

    Why do we resist civilization? Is this a mental or spiritual problem or the former because of the latter.

    The NOZ is in the perfectly right path – the exact way to go.

    Well done Bank of Zambia!!!

  24. +1
    -4
    vote

    Donkeys don’t even know what and why they are criticising….hiho hiho hiho hiho hiho hiho hiho hiho.

  25. 0
    -4
    vote

    The chief donkey put in everything he had, all the lies he could copy and master, but none could deliver his much sought after prize. He still remains in shock that the people of Zambia saw through him and rejected him for the sixth time. Ati petition must be heard, how can Concourt hear a petition which they threw out? Only donkeys can reason that way.

  26. 0
    -1
    vote

    Comment:To caricature other nations in your grief will not bring you solace. Speak well of Zimbabwe. You don’t laugh at a brother when he falls because one day he will rise.

    This could be the bank’s ways of managing finance in Zambia.Electronic systems are still very good for they are an improvement.We should appreciate technology and get rid of premitiveness.

  27. +1
    -3
    vote

    @ 35 continued….
    It is one think to be addicted, but how sad it is to addicted to primitivity.

    How on earth can it be wrong for BOZ to put a cap on the amount of cash to be withdrawn from the bank.

    In fact $2,500 is even too much. Why so complain, why so primitive?

    That is why some people who have been carrying a bag on their head, on their way to the bus station, they continue carrying it after they are already on the bus.

    Once primitivity has been imbedded on someone, it is hard to extract it it out.

    Bana jaila kunyamula vima ndalama mumatumba, na muvikwama!!

    • +2
      0
      vote

      You are the PRIMITIVE one here.

      You obviously have a very backward understanding of how development works and the concept of freedom to do as you want with your own property.

    • vote

      It’s surprising how people are singing the song of “poor people” do you really think a poor person will have K25,000 to his name? Others are talking about millionaires not able to draw cash, which sensible millionaire walks around with cash? Just next door in SA you can only withdraw R25000 per day over the counter and yet the country has a huge number of millionaires. The issue of cheques is an outdated system of payment even the so called illiterate can walk in the bank and request the transfer of funds over the counter.

  28. vote

    This is satanic..even the new symbol of BOZ verifies that..(ised in witchcraft and Satanism) google it and see./

  29. 0
    -2
    vote

    This is far much better than having a tribal president in state house. We were born in different tribes and its irreversible – this is reversible no problem.

  30. +1
    -1
    vote

    So u mean even us in Govt we issue cheques more than that ka k25pin and we withdraw more than that ka amount wen having serious events so mulefyaya tulechita shani.

    Child health week we withdraw more than 60pin in logistics and allowances so how do u wish to b withdrawing this money

  31. +4
    -1
    vote

    It is shocking that people who consider themselves learned on this site and are the usual commentators and critics seem to condemn everything including this very good measure taken by BoZ. You cannot continue to operate using cash like you are in DRC. How much do you want to be carrying around when everyone is moving towards a cashless society of course not completely. Firstly banks need to step up and ensure electronic payment systems are working, businesses need to step up. Electronic system provide transparency and as such ZRA will be aided in monitoring tax dodgers. Why should you withdraw k100,000 Ba Brother Mumba. Make electronic payments or move with your bank card. We are not in the dark ages.

    • +2
      0
      vote

      Bakalemba mwalasa. I agree fully with you. It is these same people who critiscise our Govt’s policies that are quick to call Zambia a failed state, what a shame. We can’t have people laundering money any how as if there is no Govt. Go any where in the world US, Britain, South Africa your neighbour. In fact someone working in South Africa has just told me that banks are on the look out on you, the moment you withdrawl R 24, 999.00 cash from any bank. Only banana Republics have no regulations on their financial movements.

    • vote

      Spot on! This measure works in South Africa. Why would a sane person want to withdraw K100,000? Banks just need to evolve to the best next technology where you can do an instant payment to a beneficiary of another bank. It’s a good move & yet some want to politicise it.

  32. +1
    0
    vote

    Twachula Pafula claims to be a civil servant but clearly a dull one hence not contributing to making lives better for the people he is supposed to serve. He wants to be paid cash for allowances and to service providers hence the many irregularities as highlighted by AGs office. Firstly, civil servants have bank accounts and payments can be wired to the people receiving allowances. The same goes for service providers. But he wants to carry K60 pin to pay a transporter who then doesn’t declare to ZRA that income. Dull chap

  33. +1
    0
    vote

    Start drying monkeys and mice for dinner. Kaili you PF lot don’t like zambeef and yoghurt cheese milk these are too rich for you taste. K2,000 per household for a year

  34. +2
    0
    vote

    @Ngolwa, I agree with you. Now reality is starting to dawn with PF cadres like the intelligent B R Mumba, Sr to have his eyes a little bit open to the destruction that PF has caused to this country. Visionless Lungu has wasted Zambia’s cash by hiring planes to take cadres to the USA; buying unnecessary police gear to fight off the opposition; transporting cadres and musicians on ZAF choppers without realising that these choppers do cost us a lot of dollars in fuel; asking his cabinet to go and greet him at the airport without realising that the cars use fuel which is cost us millions of dollars; fighting the opposition with his PF policewithout realising that dollars are wasted in fuel etc.

  35. +1
    0
    vote

    All those who used to insult alot on Zambian Watchdog are frustrated. They are now insulting anyhow with bitterness and hate. Mwanya ba Dudumwenzi you will never rule Zambia brcoz of your tribal mind sets towards development. Bravo Bank of Zambia mwaba nyokola. In fact is much safer to transact than carrying money on ox-cat troubling animals.

  36. +1
    -3
    vote

    Dear fellow Zambians. Note that this limit does not affect the common man who can not manage to move with K25,000 cash. Because he just does not have that kind of money. This will affect those with money in the Banks. There is no choice you have to learn to transact using electronic systems. This is common in most countries including our neighbouring country Botswana. Less cash in your pocket less attraction to thieves. Anyway for me living in the diáspora where electronic transactions is a way of life coming home and ending up to move with so much cash makes me very unconfortable. However I need to inform you that either way, whether electronic or cash criminals are always there and you still have to follow security checks and information to ensure that your money is not tempered with…

    • +1
      0
      vote

      Pa.n.yo pako. Ar.se.whore – you id.io.t!! Farmers need to move with that kind of cash in order to pay the unbanked workers!!
      You always just think of yourself you selfish toilet cleaner. You are just a cleaner after all – dont try to show off for nothing – mother fu.ck.er!!

  37. +3
    0
    vote

    BoZ is over-legislating. They should tell us why transacting in cash is generally cheaper than making electronic payments. The central bank should do its homework by seamlessly linking mobile (Airtel, MTN, Zoona, etc) money to the banking system and capping the electronic transfer costs. It effectively costs close to K100 to transfer K10,000 from one of the foreign banks to another. Clearly it does not cost that much when one withdraws the same amount and makes the deposit at another bank. Therein lies the problem. Our banks are operating a cartel to the detriment of the country. BoZ and CCPC must break this cartel instead of making these regulations which only help to suffocate the common man.

  38. +1
    0
    vote

    Imwe Ba Lusaka Times. Stop misleading the public. The circular says one should not issue a a cheque for more than K25,000.00 not that we should not withdraw cash of more than K25,000.00 from the counter. Remember they have just revised their Limited which used to be at K100,000.00. It has come to K25,000.00. In simple terms, they don’t want a cheque for more than K25,000.00 to be Processed in the Banking system but you can withdraw any cash amount from the counter. It so shocking that people are busy commenting on this they don’t understand despite of the circular been attached. And the Chi Head Line is very misleading!!!!

  39. +1
    0
    vote

    Ba Mumba BR, with due respect. Before you judge what the Bank of Zambia has proposed as a measure to curb money laundering, it is important to do some bench marking with other countries for example how much is considered money laundering in your neighbouring countries such as south Africa. Also what is the strength of their economy? You cannot base the limit of the amount only on your richest people in your country it is not right. As a matter of fact K25, 000 is quite high The last time I checked, if you go to draw R30 000 and above in cash in South Africa, you enter into the money laundering band and yet Zambia’s economic strength is less than a 10th of that of South Africa. So let us be fair when we criticise our own institutions that are responsible for ensuring our nation’s…

  40. 0
    -1
    vote

    God Almighty knew Zambia before all of us we were born,even in the time of David his chosen one,there was famine and God helped them,and I believe God will help us and we His children we will never luck a cob until His word is filled,I pray that may the Almighty God strengthen our President his Excellency Lungu Edgar
    ,

  41. +2
    -1
    vote

    I have to give my uncle in Chisamba K5000, my mum in Mumbwa -K12,000, My Aunt in Chongwe K10, 000 and my brother in Kalomo K13,000 for agricultural inputs. None of them has an account as they cant sustain one! Ask these policy makers to be real and pass laws that make sense!

    DM

  42. vote

    What happens to companies who have engaged casual / temporal workers working in remote areas and need cash for their operations ?

    • +1
      0
      vote

      You do not understand the principle. Which companies are those? Those companies will have a record of the workers with their employee numbers or their NRCs and a certain amount is allocated to them and the company withdraws that amount which is equivalent to the amount required by the employees. That amount is not limited to this figure. “You do not understand”

  43. vote

    …that are responsible for ensuring our nation’s welfare. It is easier to criticise without facts especially when you have no responsibility for anything. All these measures are undertaken by responsible people to safeguard the welfare of a nation. I do not know how well researched you may be, but suffice to say that at one time Britain limited its citizen to buying one shirt in six months. These are measures undertaken for a specific purpose and they are temporal until certain objectives are achieved.

  44. +1
    0
    vote

    Cont’d from # 57…that are responsible for ensuring our nation’s welfare. It is easier to criticise without facts especially when you have no responsibility for anything. All these measures are undertaken by responsible people to safeguard the welfare of a nation. I do not know how well researched you may be, but suffice to say that at one time Britain limited its citizen to buying one shirt in six months. These are measures undertaken for a specific purpose and they are temporal until certain objectives are achieved.

  45. vote

    The government is bloke so we should expect more hardships.This is happening because of selfish politicians who have terrorised the political scene in order to enrich themselves,their relatives and friends at the expense of the poor irretrate zambians.They are there to steal the wealth of the nation and not to save.They sleep on full stomacks while the ones they are leading are sleeping on empty stomacks.This nation will take time in order for it to develop fully because lack of direction from our leaders we have put in positions of governance.

  46. vote

    There are still a lot of business houses where electronic devices such as swiping machines are never heard of, especially most of the hardware shops in the central business district and Kamwala. In addition, how will the issue of splitting of cheques be monitored? I get a cheque today and get another the following day or even a week later. The best is to make it mandatory for business houses to have swing machines.

  47. vote

    Dr. Bwalya Ng’andu: I don’t think this was well thought through. For sure there are some functions that will force you to draw more than K25,000. such as national days functions (independence day, labour day) what happens on such ocassions?. It also seems BoZ was just looking at people based in towns, how about a retired civil servant cycling all the way from deep in the village to the boma to buy materials worth more than K25,000, how many times is such a one going to cycle? After all what is K25,000 with the high cost of living which can be blown within short time? Some organisations operate social cash transfer to benefit the poorest of the poorest deep in rural areas where there are no ATMs, what happens because this requires that you draw over K80,000 when time comes to conduct…

  48. vote

    The Headline is actually very twisted and misleading. It should have Read: Revision of Item value limits for Cheques and EFTs.
    Very unprofessional media, please this is your country don’t be malicious.

  49. vote

    Please don’t bring the poor people in this issue who don’t even see over K2,000 per month. Its you the rich who are affected. If you withdraw over K25,000 for any of your operations it means you are a big bwana. You must employ an accountant if you are not learned to help you open bank accounts and operate in a more civilised manner. Besides an average zambian you records sells over K5,000 has a phone so they can open mobile money accounts. Please lets be moving forward. Not every move will be comfortable for everyone, it is called sacrifice or take and give in order to progress.

  50. vote

    Has Zambia so developed overnight that I can go and buy maize or ifishimu from villagers in remote areas of Luano valley or KwanaBwalya as a Business man that I transfer their money electronically or swipe with ATM to 100 bags of ifikubala for resale.
    Could the Bank of Zambia tell us how we trade urgently like incase of some body is selling a car K30,000 and he wants spot cash to sort an urgent problem and a saturday morning.

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