Home Headlines Barclays Bank Zambia welcomes move to remove unwarranted bank charges and fees

Barclays Bank Zambia welcomes move to remove unwarranted bank charges and fees

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arclays Bank Zambia Managing Director, Mizinga Melu

arclays Bank Zambia Managing Director, Mizinga Melu

Barclays Bank Zambia has welcomed the move by the Bank of Zambia to remove unwarranted bank charges and fees. Bank Managing Director Mizinga Melu has told ZNBC News that in the recent past people were failing to save due to numerous bank charges.

Mrs. Melu said that the step by the Bank of Zambia will work to the advantage of the banks as well as improve banking abilities by Zambians.

Mrs. Melu also said that the action has not come as a surprise because the central bank consulted the banks.

On Tuesday last week , the Bank of Zambia (BoZ) issued a directive on the prohibition of unwarranted charges and fees to all financial service providers, which came into effect on Tuesday the 4th of September 2018, through Government Gazette Number 6693, is pursuant to section 167 of the Banking and Financial Service Act No. 7 of 2017.

BoZ Deputy Governor for operations Bwalya Ng’andu said that the Central Bank had determined that the imposition of 26 unwarranted charges and fees on members of the public is an affront of the rights of consumers of financial services.

Dr. Ng’andu said that imposition of 26 unwarranted charges and fees also undermines efforts towards financial inclusion in Zambia.

41 COMMENTS

  1. ANYOKO
    WE NEED THE CHARGES TO GROW THE BANK RESERVES AND SUBMIT THE PROCEEDS TO GOVERNMENT TO REPAY LOANS AND CHASE CHINESE FROM GRABBING OUR PROPERTIES ..ZESCO, ZNBC AND KKIA. ONE THING WE NEED TO KNOW IS THAT THIS DEBT IS NOT ECL PROBLEM IT IS INHERITED so HH KAMBWILI AND MULIOKELA NEED TO ASSIST THE GOVERNMENT IN DEMOLISHING THIS NKHONGOLE, WE SHALL ALL ENJOY THE BENEFITS AFTER THAT
    • Nostradamus
      Are these the women with good education, and need good what??? Sampa Kabwela the artist need to apologize to women.
    • Nine Chale
      Nostra, ignore Sampa for writing what she wrote - maybe it's her only way to be noticed. These here on the hand are women making headlines that matter to the nation.
    • shu shu shu
      What is your comment about? Money should be available to to the owner to spend as s/he deems fit. The banks were consulted but you HH worshipper wants to condemn.
    • Jay Jay
      Only a gullible docile foooool would believe this PR stunt by this deceitful bank called Barclays ....if you know the history of this Bank and its role in propping up apartheid, just like during aparthied it was happy to operate there never said a word but raked in the profits, in the UK I remember Barclays was never helpful with International students in the 90s and early 2000 you couldn't even get a £10 overdraft...here it is again welcoming the move yet it was hiding behind its association all the time enjoying the charges with the others. I for one will never bank with this evil bank. Do be fooled by them placing that Mizinga Melu (one of you) in front of you to dupe you ...wake up!!
    • Jay Jay
      Only a gullible docile foooool would believe this PR stunt by this deceitful bank called Barclays ….if you know the history of this Bank and its role in propping up apartheid, just like during aparthied it was happy to operate there never said a word but raked in the profits, in the UK I remember Barclays was never helpful with International students in the 90s and early 2000 you couldn’t even get a £10 overdraft…here it is again welcoming the move yet it was hiding behind its association all the time enjoying the charges with the others. I for one will never bank with this evil bank. Do be foooooled by them placing that Mizinga Melu (one of you) in front of you to dupe you …wake up!!
    • Jay Jay
      BOZ need to cap withdraw charges for Debit and Credit Cards from abroad...why should one bank charge £3 and another bank charge £6...you are ripping off people especially Zambians from diaspora and tourists. If your card is MasterCard you will be hit hard by Visa which has monopoly in Zambia...BOZ needs to look into this!!
    • Jay Jay
      Its a shame we don't have smart lawyers in Zambia ...there is valid reasons for a claim here the Banks were ripping off people and stealing from the people ..why shouldn't they not payback like they did in the UK? Why not?
    • Jay Jay
      That's the whole intention of the PR stunt to place a coon in front of you for the gullible to fall for it...where was her bank when they were charging you left right and centre. Wake up Mr Bonehead dont think with your pr&*k.
    • Chachine Chachine
      @Mr Kudos, the ghost of Mwanakatampa, full of lust. What would you do with her? You have no brain, no lips. In reality you are a confused individual who pleasures in the dead. You shameless dark-hearted creature! Everyday you carry that skeleton in you decaying mind. Respect the dead, you f00l.
  2. Sharp Shooter
    The bank charges by Zambian banks was the worst form of usury since medieval times.And I just wonder how BOZ let this practice go on till last week.Little wonder common Zambians were indeed discouraged to save.They were being disincentivised by the banks to save.
  3. pink toe
    Do we have to wait, meanwhile skinning the client to the bone, to change those deeds which are clearly not good until the BOZ says so?
  4. mbeba na kolwe
    Shut your tap. Kawalala praising the police for the arrest and pledging to the victims not to steal from them again!!
  5. Harold Muna
    Logically, sensibly and as a process of redress, all the people who were charged (unwarranted fees) SHOULD be refunded. In the UK, for example, banks refunded (and are still doing so) payment protection insurance to all who had been misled by the unwarranted cost I thought banks were meant to attract people to actually bank - and then make money by re-investing the same, in the form of loans, for example.
    • Jay Jay
      You are spot on...even withdrawal charges for Debit Card from Banks abroad is excessive how can you charge £6.00 for every withdraw its stealing...BOZ needs to cap this!!
  6. Malinso
    Mizinga Melu rocks, these are the true women of Zambia that we need to part in development, not the likes of Mutale Nalumango who are bitter for nothing.
    • Jay Jay
      As usual the dull cadres like Kudos and Malinso here are clapping at Melu's beauty...forgetting that it was those charges that were going to this woman's annual bonus ...anyway you docile foools can not see beyond your nose.... keep clapping you simpletons!!
    • Sharon
      As usual the dull tribal cadres H-against anything positive! They think tribe first and person before they see sense. UPND is a COALITION OF THE WICKED.
  7. Razor
    Why wait until forced by BOZ to reduce charges then say you welcome that. Why didn't you use initiative and reduce charges on your own then other banks would have followed suit. It is not too late there are still other charges which BOZ havent yet touched that you can reduce on your own if you are sincere.

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