Wednesday, April 17, 2024

Zambians urged to open bank accounts in view of removed bank charges

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Bank of Zambia
Bank of Zambia

The Central Bank has encouraged citizens willfully open up bank accounts as most of the unwarranted bank charges have been scrapped off.

Bank of Zambia ( BoZ ) Ndola security division officer Shadreck Nkhuwa says time has come for citizens to open bank accounts which will have little or no bank charges unlike in the recent past adding that savings in banks helps protect the kwacha notes from being damaged.

“ The central bank has received reports of people losing large sums of money in house fires or from attacks by mice. Therefore, storage of cash should be taken very seriously to avoid losing hard earned income and to ensure the bank notes and coins circulate to their full circulation life, “ he said.

He said this during a banking, currency and payment systems sensitization meeting for various heads of parastatal and government departments held in Kabompo yesterday.

The Central bank launched recently enhanced bank notes with new security features to help further protect the Zambian kwacha from any counterfeit.

The Zambian Kwacha is adequately protected from counterfeiting by continually adopting new technology based security features that safeguard the integrity of the currency.

The new notes have a gold Iridescent strip which is a single line of birds flying in opposite directions and the Peak pixel, the fish eagle’s head, printed in raised ink with rough feel when run over with fingers.

The BoZ Ndola security division officer further said only high quality banknotes and coins circulate in order to maintain confidence in the Zambian kwacha as a payment mechanism and a store value.

“ The Central Bank will not withdraw the existing banknotes until the end of their circulation life thus the existing bank notes will co-circulate with the upgraded series and will continue to be honored at full value, “ he said.

He has advised the general public to at least master two security features on the enhanced notes to avoid falling prey to counterfeit notes.

Mr Nkhuwa has further advised the general public to transact using electronic payment methods such as Electronic Funds Transfer (EFT), Point of Sale, Debit and Credit Cards (DDACC), RTGS transfers and or mobile money, to avoid fraudulancies.

8 COMMENTS

  1. Mwapanga zinangu ndalama! This is just a way of printing more money which will have devastating effects on Kwacha ratings.

  2. Does this guy know that we are still being charged for withdrawing our money from ATMs and other charges as nothing has changed. You don’t just make pronouncements, you follow through to make sure that they are being followed. Does this guy have and use an ATM card for him to be in the dark?

    • I was wondering in the same way as well. The bank charges have not been scraped off, they are still there. Is this guy in Zambia or mars???

    • We are charged at ATM machines with most of these banks especially standard chartered putting mostly fifty kwachas in the ATMs so that if you are getting K4000 you pay two 8 kwachas, 8 kwacha for one 2000 kwacha and another 8 kwacha for the other 2000. Very inconveniencing, they have strategically stopped putting hundred kwachas.

  3. The waste thing you can do with your money is taken it to the bank, good saving is investing your money into something that will give you a good return. Lets encourage people to save by investing into something that will give back a return and not putting your money in the bank.

  4. Please can BANKS stop charging ATM fees? What is Bank of Zambia inspectorate Unit doing? Maybe they don’t have ATM cards….Help

  5. This Bank of Zambia is full of rhetoric.I don’t think they have inspectors to see that most banks are still charging these ”unwarranted charges”?It is not just a matter of passing policies which cannot be adhered to.Standard Chartered is still charging withdraw charges.Why hasn’t Bank of Zambia taken a step to scrutinize this bank?Is it because it is a foreign bank and cannot adhere to local policies?
    Bank of Zambia should walk the talk.It is pointless and frivolous to issue statements which are not backed up with pragmatism and implementation.

  6. Wake up BoZ and walk the talk. The banks have continued ripping us off and the scam is worse now as it is a field day for banks that have seen more people do transactions under the belief that the “unwarranted charges” were scrapped off. I think BoZ colluded with the banks to promote this theft. Wake up.

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