Economist Lubinda Haabazoka has threatened to protest over what he has called exorbitant bank charges in Zambia.
Dr Haabazoka who is Lecturer of Economics at the University of Zambia has accused banks of day light robbery by slapping high bank charges for some services.
“Today a certain Bank just charged me K10 for withdrawing K100. How do we enhance financial inclusion like this? How can Bank of Zambia allow banks to exploit us like this? How can I pay 10% on my K100?”
He added, “Mind you I didn’t choose to open an account. I was forced to open one because I can’t be paid cash. I need an account. I need my refund. This is daylight robbery! If you can’t make money by selling loans, don’t exploit our savings.”
“This is why the economy cannot accumulate its own resources for investments. Because in K10 I can buy eggs for breakfast, lunch or supper!! I can buy a Pamela and yet I give it out just like that!!!!!! I am going to protest the bank.”
Dr Haabazoka said he still needs his K10 back.
“It should be a policy that we are given a chance to withdraw our money once for free then banks will never hold not even a penny of my money for more than 2 minutes. How can we develop Zambia like this?”
Dr Haabazoka stated that banks should come up with creative marketing and sell loans cheaply.
He charged that using archaic methods of income generation are detrimental to national development.
Sir be serious.
Honestly Thats why academicians are NOT practical
Someone drives from home.
He pays rents
He eats breakfast fast
He has school kids
The bank has to pay him from your K10.
Doc! yours is even better, mine is worse. i was lured by a named bank that they will give me a loan if i opened an account with them which i did and deposited K200. I applied and was told to wait. after some time i went toinquire why my loan was not forthoming, i was told, no! you know, the bank is having probems so may be next time. at that point i had lost interest so i requested to close the account and demanded refund of my deposit- was told your K200 has been eaten by charges- your account is nil.
talking about daylight robbery, banks are shameless pick pocketers, petty thieves. armed criminals. it is no use even leaving your money in a bank. they use your money and will never give you interest
I don’t understand why you fellas are hiding the names of your thieving Banks! I opened a savings account with STANDARD CHARTERED and deposited K6000. Three months later, I used some of the money and a few weeks later I deposited K15,000 but, when I checked my balance was less by more than K300. These bastards!
What people don’t realise is that this man is one of the 50,000 customers who has been charged today now multiply that by K10…that’s half million Kwacha from simply withdrawing K100 today. What annoys me is people are afraid of naming and shaming the bank that is stealing from them…I mean this is your salary your sweat and you are afraid.
Wake up from your docility Zambians …even a learned Economist is afraid!!!
#ZambianBanksMustFall
I will be opening my own bank soon in Zambia ????????. It’s in the works and we will be paying you $50 bonus just to open a checking account.
Switch to Zambank (Z) Limited ~ Company in formation, use your ATM cards anywhere in the world.
Should be operational within 3 years, watch this space. The smart people of the Zambian Enterprise need to be encouraged to keep savings in banks.
Savings lead to local investments thereby creating local investors, GRZ seems to be looking somewhere else for investors forgetting the largest pool comes from local citizenry.
There’s need for clear bank regulation in Zambia by the Bank of Zambia, and the government at large. Regulation that balances between letting the banks make a decent profit, and protecting the consumers from being taken advantage of. If you let banks operate with zero government regulation, they devolve into “legal’ racketeers. Clueless Lungu needs to wake up and protect the Zambian consumers from some of these organized crime syndicates posing as banks.
Banks are there to make money. Its capitalism. What do teach your students. Ask hh
Then what is the meaning of savings in Zambia?
Put your money in airtel money. Period. No charges.
Please excuse this blogger he is either @UPND Cadre or @Zambian Citizen who have just changed their names …they are too dull to engage in a debate of this nature!!
True Zambian Banks are day light robbers, for example if the account is dormant for some months, immediately you deposit something there it will be swallowed on claims of maintenance fees and other stupid hidden charges, why should anyone demand to be paid for not doing anything? If the account is dormant, it means the bank is not transacting, so why should they be paid for not transacting and why should a customer pay for not transacting? Thieves!!!!!
Why do you think indians put money in the ceiling board
I stand with you 110% sir, I get charged exorbitant fees for not having money in the account. absolute scandalous!!
Especially ilya banki ngikwite, Its terrible today even checking your bank balance, they charge you, a lot of people don’t know that. This time they have taken advantage, following people especially in mines in North Western Province parroting loans with fake interest rates. Come next year, the IMF has refused to bail out Zambia, the government will have no option but to borrow from the same banks which will in turn cloud out the private sector. Next, interest rates will skyrocket and loans balances adjusted accordingly so be careful don’t say you were not told.
Check online should not attract charges .yes thats stealing.
But withdraw ing yes.
Last time I transferred 25 000 to someons account I paid k147
If you do at TT $4000 banks will charge k 2000.
Anyway I agree . Its just THEFT
nothing for free they need to Carter for their operating expenses why cry for k10 Dr.
You won’t protest alone, I want to join in!
We aree messed up as a people because even a mere semblance of activism is gone. I miss the days of Chi-UNZASU when we could go punch-for-punch with paramilitary in Kaunda’s days. Those were days when the space at Arcades mall was an open battle field between paras and Chi-UNZASU. We could go onto streets to protest and teargas fumes would chock the miasimic air yet we could cover our faces with damp cloths and charge. Alas mother Zambia, today foreign banks rob you daily and all you do is lament. At least get your money out and put it in local CHILIMBA for heaven’s sake. There will be no withdrawal and fake charges, believe me. It works!
I agree with Dr. Habazoka, the charges are too much, a certain bank charges K65 per each withdraw regardless of any amount you are withdrawing once you have withdrawn 3 times! Is this normal even if it is aimed at encouraging investments. How can i be punished for my own money like this. Two months ago i withdrew more than three times due to unforeseen circumstances. When i found about 1000 missing from my account i went to enquire what had happened. When they made the print out they said it was because of charges since i withdraw more than 3 times. Some of these were because i was using the Bank online platform to purchase electricity, talktime and school fees.
I don’t know who can protect us from this daylight robbery i am ready to share information if this can help petition…
Not one blogger in the above thread has dared to name and shame one bank…this is how docile our people are, no wonder they are given substandard services.
WE NEED THE BANK OF ZAMBIA TO ACT NOW.WE DONT KNOW WHICH INSTITUTION TO REPORT TO.FOR EXAMPLE ZAMBIA AIRPORT CORPORATION LTD SIGNED A ROW DEAL WITH ZANACO ALL ITS EMPLOYEES WHO GOT LOANS FROM THERE ARE IN PROBLEMS.ZANACO HAS DEFRAUDED ZACL EMPLOYEES BY EXTENDING LOANS FOR YEARS UN EXPLAINED.EMPLOYEES WHO OBTAINED LOANS IN 2012 HAVE CONTINUED OTHERS TILL 2020 WITH ABNORMAL INTEREST RATES.ITS DAYLIGHT ROBBERY LET THE FINANCIAL INTELLIGENT CENTER FIC INVESTIGATE THIS CASE WITH THE URGENCY IT DESERVES.
The banking industry in Zambia is a mockery! We need to have them scrapped off for stealing from people who work hard. No wonder people would prefer to keep money at home.
Dr Haabazoka is right.
Stanbic bank is even worse. I got a K90,000:00 loan four years ago and I pay K2,360:00 /month, I went to get my balance last week only to be told it was K86,000:00.. They adjusted the rates upwards late 2016, but when BOZ adjusted downwards, they have failed to do the same. Who will speak for the masses…. Cry my beloved Country
@Lettie and Dr. Habazoka I agree with you both. Zambians ‘re being exploited when paying back loans. There ‘re too many hidden costs.
No hidden costs, just robbery with impunity.
our government doesn’t protect its people at all.
In my case I got a loan frm stanbic bank during which the interests rates went up frm 19.5% to 49% gradually everytime rates were hiked notifications came nd effects were subjected nd properly xplained but suprisely when boz communicated on rates reduction there ws no communication from stanbic nd I ws still subjected to high rates.
The rates came down to about 27% when I approached stanbic that I ws not affected by rates reduction I ws told it’s still 49% for u so get a top up to b subjected to reduced rates.My question z if increase in loan rates affects u why should u b subjected to conditional treat lik top up only when the loan rates r reduced cz with other banks every change affects u weather increase or reduction in rates, this is another day light robbery
I agree with my young man Chembele (as we used to call you ). I bank with stanbic,everytime you check the balance,you are charged K2,withdrawing from the same banks ATM you are charged K7,another bank ATM k22,there is management fee of k79 and maintenance of k30 and other unexplained charges which range from 50 to 150,in short leave a 300 and you will find a negative balance after one month,they are now encouraging advances of one month,any default on this advance,regardless of the amount,you are charged 1,179 +interest of the defaulted amount +the amount it self,what is shocking,these charges are not explained before getting/defaulting,Nga ni loan teyakulandako,they are quick in upward adjustment of interest and non reactive to downward adjustment,I will NEVER get a loan from this bank.
Dr. Haabazoka is right, i also need one to come forward and outlined ”savings”. Once you left any sum of money, you won’t find it. Surely the best way to secure your money is to deposist on MTN or Airtel money accounts.
Some body help save us from these banking loan sharks. They are arbitrary increasing tlrrpayment periods almost two fold. Chili pamunobe lelo…mailo cili pali iwe! Let’s unite
To all those that have been victimized especially by way of this loan sharking, let’s commence something like a # me too action
How are the banks getting away with it. Where is the BOZ and what is the government doing about this?
Its hard to save money in a bank when the very minute you do,charges eat into your savings.bank service charges are too high,it now a cost keeping or withdrawing your own money from the bank.
Stanibic its worse, they got my k510. ati I made a cheque bounced, whch cheque, me a poor person can I do that. these people its too much please government help us
Also mobile money dealer in the category, if not worse!In their case there is no interest given,but charge when a withdraw is made.Boma iloleshepo sana!No bumukuku HBO ubwabipisha nganshi!!Basoke Dr.Habaasoka!!