BoZ abolishes unwarranted bank charges

1. This is a welcome move. Now I can go deposit my money which I used to keep under my watchful eyes. Phew!! Thanks BOZ

   • Any objection from Upnd? At least for once hh and his Upnd must give credit the sitting government But the way these people are, kaya.

   • Finally! Why should you charge people for withdrawing their own money at the ATM?! Well done BoZ.

   • Barclays Bank Longarces Branch stole my money! I found my account closed and money stolen because i did’nt touch my account for a certain period.

   • Great move. There is no way a pure savings account can be depleted by monthly fees. I kept a few kwachas in some savings account with a certain bank for some months. By the time I was going to withdraw, it had all diminished. I thought to myself why this hell of a bank would charge me for using my money. I will start banking the money again. Bravo BOZ!

   • About time and where there are charges please impose the maximum charge fee.

   • 1.1 Definitely they will say we’re driving away investors.

   • This is what we call a government having a heart for the pipo. The banks have done enough crookednes in this country. To hell with chi thieving BAZ. BAZ is a toothles monister.

     Bravo ECL and Margret Mwanakatwe

   • If banks want to make make money, they should lend (loan) their customers’ funds and make a profit that way. Infact, that’s how the bank business model is supposed to work. Not to get rich through bogus fees and charges on customers accounts/money.

     Zambians are always crying for loans from these private banks. It could be car loans, house loans (mortgages), agric loans, business loans, school loans, extra. That’s how banks make money…..and a lot of it!

     So, it is not for lack of a willing market/public that these banks can’t come up with appropriate loan products that suits the Zambian market. In my opinion, they are just being lazy since they can get away with “murder” in terms of fees and unwarranted bank charges.

     THANKS BOZ….!

2. Thank you Bank of Zambia.

   • Good move – but where was the Central Bank when these unwarranted charges were being imposed and how long have Zambians suffered at the hands of these exploiters?

   • I wish BOZ was regulating south African banks. They charge for anything. BANKS are robbing citizens. Why charges for withdraw fees, balance inquiries and account maintenance? Aren’t these things worked into the interest fee that they charge? Better to keep money under the mattress cos banks just want to reap from everything their customer does in their bank. Very soon they will introduce a charge for that aimless music they play you as you wait for service. “And a fee for looking at our beautiful cashier sir” Also a fee for sitting on our imported sofa and a fee for the aircon cos in October it’s very hot outside

3. “But the Bankers Association of Zambia’s has warned that the decision to abolish bank charges will only cripple the financial services industry and may result in job losses for some workers in the sector.”

   Cut the pay of the to brass at these banks by 2%, and jobs shall be saved. Always an unreasonable person trying to stop greatness. Zambian workers shall now enjoy some extra money.

4. Comment:bravo to you boz!
   that’s a we’ll come move pliz!
   let’s enjoy rational bank services the same way a child enjoys to be with parents coz we r citizens of Zambia not foreigners why over charging customers?
   am cerebrating and enjoying now

   • Thank Edgar Chagwa Lungu

   • The next thing bravo ECL and Margret should work on is the listing of pipo who have borrowed from these crooked banks on the infamous CRB.
     CRB is supposed to operate like Interpol which only lists fugitives on its wanted list but in the case of our crooked banks, even when they call and talk to you, you even walk into their offices,you even sit and plan way forward together they still list you on the infamous CRB.

     Pliz Mr President intervene in this one.

5. Lon overdue still can’t believe its finally here!!!!!!!!!!!!

6. It could hav helped every one if govmt reduced pay as you earn cos its almost half of the salary of someone but this will risk jobs of some pipo

7. This is definately a welcome move,bravo to boz.i closed my acount at natsave bcoz of excessive charges.this will benefit comon man .

8. This is why Peter Sinkamba is way ahead of many politicians. He raised this issue! Bravo BOZ.

9. Thank you so much, i suggesting the government to pay workers by MTN and Airtel mobile money, now everything has done. Thank you ba BOZ

10. Note that this does not apply to ATM withdraw charges. Most of the scrapped off charges do not apply to a lot of people. Read the government gazzete notice carefully

11. Yesss good move i need clarity what about the K8.00 charged at the ATM is it also scrapped?

12. We agree that banks also have to raise some funds but in some cases it becomes too much. Just a week ago I withdrew an K8000 from inside the bank from a certain bank I would not want to name and I was charged K100! At first I opted to go and withdraw from the ATM just outside but there was no money in there.This is daylight robbery!

    • zanaco

13. Congratulations to Mr Haabazoka for taking up this fight and making BOZ act on it.

    • get out with you haha it was sinkamba who started

    • @13.1 Shooterz: I totally agree with you. It was Sinkamba who started the fight. Lets give credit where it is due

14. These are positive things which are supposed to be welcomed by all loving Zambians.There is no way I will be facing such charges when my money is already taxed at the source.These banks were making free money by imposing such taxes.The Bank of Zambia should be vigilant so that these commercial banks do not introduce other charges which will be detrimental to depositors.We were failing to keep money in the bank owing to hidden charges which we could not see.Bravo BOZ!!!!

15. This is a good move, i remember when i was a teenager using Xabit and i would be charged for using the ATM, checking my balance and for withdrawing money. Of course, this made me refrain from keeping the little money i had in the bank. This move will encourage, especially the young generation to use more baking services.
    Also, i dont know if they already did because i live abroad implement a special card for lets say university going students with no bank charges what so ever. This will also encourage almost every student to keep their money with the bank. Great Work BoZ!

16. The only good news in 2018. last time, I left a K5000 in my account, went for 4 months on a mission to Turkey. Boy!!!!!!!!!! I found K2,800.00. Checking were the money had gone. Maintenance fees, debit card, Check fimo fimo. saver this. with ka added K25 interest. Thank you BOZ. But are they going to credit us back? the money they got???

17. Some of these banks are shamelessly stealing from clients using extended periods for loan repayments. This is inspite of the very high interest rates . Unfortunately victims haven’t anywhere to complain against such daylight robbery

18. Seriously couldn’t this article just go a bit further by providing some details about what these ‘unwarranted charges’ are? Do we all now have to go looking for the government gazette? I fear it is not detailed or prescriptive enough that the banks will be able to find ways to circumvent it.

19. mwa boba for the first time.those charges used to cripple our accounts….

20. I left K8000 in my account never touched it for few years and when I came back I was told the account was closed.Where the money had gone no one knows apart from Barclays Bank.Its now time to push in claims.The bank charges were not justifiable.

    • Yep that happened to me…..deposited £700 by international transfer only to find zero after 4 or 5 years.

      Maybe now people in diaspora may open bank accounts and save money in Zambia…

21. It was just ridiculous, just for printing a statement at the ATM they charged you, some one puts money into your account you are charged.

22. When I put my money in the bank, the bank uses it by lending it at more than 20%. What sense does it make for them to charge me on top of the interest they make from my money?
    The banks will equally benefit from this. They are going to have more depositors even with smaller amounts because previous it was unbecoming to keep a small amount of money in the bank as all of it went to bank charges. When they have more depositors, they can lend out this money and still earn interest in place of the bank charges lost. If workers had an option, they would not have loved to have their pay through the bank because of these bank charges I suspect even bank employees may have been stealing from depositors.

23. They are robbing us. A bank with 200,000 clients with each client paying K 8.00 per withdrawal per day. This amounts to K1,6 Million per day plus other bank charges huuuuu.

24. You here a lot of politicians singing about diasporans invests in Zambia ….this one step forward…. I am sure if every Zambian abroad opened a bank account and deposited $100 every month , GRZ would have some where to borrow.

    Now we can open accounts and deposit without our monies being stolen by maintenance charges…

25. GRZ should seriously look at encouraging Zambians abroad to open bank account to bring money into the country.

    It is on social media platforms where GRZ needs a serious campain to encourage Zambians abroad to make monthly bank deposits into accounts in Zambia.

    If every one of can make a monthly deposit , GRZ would find a readily pot to borrow from instead of embarrassing us by begging for a bailout every where they go….

    • Sometimes you are normal! I wish you were as normal as this all the time.

26. What about depositing charges? Just puting my own money in a bank they charge u

27. Where is Mumba JR …..the last UNIPist

    Mr Mumba , can you start this ball rolling, getting all of us to open a bank account and make monthly deposits to be pooled into sustainable development , instead just rolling in your head alone……

    • Yes ba Mumba JR. Your silence has been so loud. say something some of us do get one or two things from your posts.

28. People have resorted to putting money in the house owing to the fact that banks do no add interest on the customers money which they keep.In fact they gain colossal interest on the money which they lend out to borrowers.A depositor will suffer certain hidden costs like maintenance charge and charges for each withdraw. It is pointless and frivolous to put money in the bank which gains no interest rate.No wonder Indians have no time putting money in the bank because they know that money is just used by these selfish banks.The cost of keeping money in the bank is higher than keeping it in other assets like real estates.Banks are very exploitative and reap where they did not sow.

29. Account opening for local currency

    Cash deposit made by a third party into a customer’s account

    Cash deposit on Automated Teller Machine (ATM)

    A charge on a basic savings account (without cheque book)

    Opening within contractual terms

    Transfer of an account from one branch to another branch of the same bank

    Aborted ATM cash withdrawals

    ATM PIN reset

    Point of Sale (POS) transaction (own bank customer and other bank customers)

    Activity that is generated by the bank

    Additional charges arising from an initial charge generated by the bank

    A charge for closure of a customer’s account

    Re-activating a bank account

    Statement of a closed account upon closing of the account

    Balance and other account inquiries by a customer over-the-counter or my electronic…

    • The list is endless. This is pure disaster.
      Just where do they get all these from???????
      Oh add “Charge for breathing the same air as tellers when withdrawing money from the counter”
      Real disaster!!!!

30. As welcome as this move is, what exactly is an “unwarranted” fee? For their next move, I can imagine banks playing all kind of funny games arguing over what is warranted and what is not.

    If BOZ has worked this out in detail, Bwalya K.E. Ng’andu (Dr.) should not throw vague terms, but inform the public and the banks of the detail instead!

31. Great feeling,BOZ job well done!

32. Ati jobs will be lost as a result of this. The government should make sure that no one loses a job because of the selfishness of the banks. Now they are even daring the government for removing unwarranted fees.
    I kept a kama K1200 with a certain bank but when I went to withdraw there was nothing – ati monthly account maintenance. What a disaster. I want my money back.
    Hey this is what this man’s tribesman HH should be fighting for not insulting judges.
    Disaster!!!

33. Slowly watch as interest rates go up. Poor choice of policy.

    • Let them try we shall start closing them one by one also and push them out of busines. They have stolen enough.
      Disaster !!!

34. Good move BOZ but in addition prohibit the printing of new bank notes .We know this is designed to
    camouflage an overall increase in the money supply.
    The world is watching.

35. Next its the unwarranted taxes that should be abolished!!

36. Thanks be to Mr Haabazoka,he started talking abt this for a long time now,I’m sure it wasn’t easy to convince the BOZ to act, may the good Lord grant u good healthy so that u can live longer sir.

    • It is Sinkamba not Haabazoka. LH just jumped on the bankwagon

37. Good job BOZ! I had intended to be putting my money in my pillow.

38. Does it matter who did what? This is a govt. decision. No one who does not have the platform and authority would have done anything. Be glad some govt. people hear what the ordinary people say and raise the issues appropriately. And no need to make this about Lungu or HH. Just be glad it has happened. What I don’t understand is why it costs more to withdraw through a person (bank teller) than at the ATM but there is a cry for job losses.

    All the countries where I bank do charge for services but the Zambian banks did overcharge. ZANACO is the worst followed by Standard Chartered then Barclays. StanChart charges for each transaction, electronic
    statements, as well as monthly management (maintenance). I hope this helps.

    This may be a follow up to the suspected taxing that…

39. Withdrawing your money more than four times in a month you they charge you more than K 600,00 , stealing from poor people

40. Bank charges ,yo mwandi mu Zambia ” twalikata iciinga (earthen pot ) ukwakaba “, kutwa ntemba .

41. Bravo BoZ!! Please no tri.bal upnd near my money.

42. Govt. should also look at why it should cost a tax payer to pay banks in order to pay tax. If need be let the the banks charge ZRA for receiving taxes on its behalf. Imagine you are paying withholding tax which necessarily is not your tax but an agent by law. Why should you be obliged to pay a bank to receive such money on behalf of ZRA and your Land lord? ZRA should
    continue receiving tax returns without us losing money unnecessarily. WHY PAY more
    to pay tax? Awe bu vampire bwacilamo muno chalo chesu.

43. what abiyt loan insurance? After paying back the loan in full, the insurance we pay againt oyr loans must be paid back us. Unless you default then you forfeit it. Sonetime back barclays bank paid me back the insurance they chraged me but these other banks dont pay back why?

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