The Bank of Zambia (BOZ) says the policy decision by the Government in the early 1990s to liberalise the economy has led to concerted efforts by the Central Bank and stakeholders to reform and modernise the National Payment System.
Bank of Zambia Payment System Operations Manager Victoria Chirwa says efforts to reform and modernise the National Payment System have since translated into the formulation of the Payment System Vision and Strategy 2007-2011.
Mrs. Chirwa explained that the objective of the National Payment System Vision and Strategy 2007-2011 is to ensure a secure, efficient and effective mechanism for the exchange of money between transacting parties.
Mrs. Chirwa was speaking during the Currency Awareness and Sensitisation Campaign held at the Civic Center in Lusaka today.
And speaking earlier, Bank of Zambia Assistant Director-Currency, Patrick Mulenga explained that the lifespan of all banknotes depends on how they are handled.
Mr. Mulenga said the careless handling of banknotes contributes to significant wear and tear thereby shortening its lifetime.
He appealed to members of the general public to handle banknotes with care as it is costly to replace mutilated banknotes.
He advised the public to return soiled or mutilated banknotes to the Central Bank or any Commercial Bank so that they can be exchanged for fit notes.
Mr. Mulenga however explained that all genuine banknotes, regardless of their condition, remain legal tender.
ZANIS/JT/AM/ENDS……………ON…… PIX…
…whatever happened to those plastic kwacha monies. Please tell me they are out of circulation. Whoever come up with that idea, I have got no words for. I thought my Aunt was joking when she handed me a plastic K1000 note…
#1 AFRICAN POLITICS
If you had to see the state the paper notes where in, even you would be happy with the plastic notes.
Fundanga posa ko amano pama Bank notes.
Promote the culture of electronic payments. Where I am now, I hardly touch cash.
Am sure those mutilated notes,the material used was from Matero to cut down on cost.
True someone needs to do his/her home work right on encouraging Zambian to pay electronically. Its amazing that people line up at Manda Hill ATMs to get cash so that they can buy items in Game or Shoprite when these shops accept visa/master card payment. Whats wrong with us? Ni manta or finabwela mochedwa?
Manta!.Tikalibe kujaila
Finabwela mochendwa !!! i must say sometimes its also the duration that one takes when using his atm, where u r its done off the counter, in zed someone has to go an office .its a bit combersome…….though i do that sometimes.
Am just annoyed Barclays Poor customer service!!1 they block ur account u give them details they dont transfer ur cash in the account
Most banks in zambia have poor customer service standards.i am aware of a friend whose money was used for kaloba as he was out of the country and the bank officials realised this.It is sad that even senior officials sometimes take part
It’s about time.
Sometimes its not that we dont want to transact electronically, the services from some banks its pathetic, Go in game around 16:00 hrs zeddian time, if you have a Zanaco ATM the systems will be temporalily out of service.