Zambia : Bank of Zambia engages local banks over high fees

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Bwalya Ng’andu

THE Bank of Zambia (BoZ) is engaging the banking sector on the need to reduce the cost being charged on banking services to attract more people into being part of the banked, deputy governor – operations, Bwalya Ngandu has said.

Dr. Ngandu said there is need for banks to understand that when they charge less on banking products they will attract volumes which will then translate into increased income.

Speaking in an interview with the Daily Nation, Dr. Ngandu said the central bank had received numerous complaints on the costs attached to banking in Zambia, adding that this has become a source of concern.

“We are having discussions with the banks concerning the pricing of various products because people are complaining that fees are too high and that is an issue on which we are engaging the banking sector to ensure that the cost of services and products are within range as this will encourage more people to use the banking service,” Dr. Ng’andu said.

He noted that receiving complaints from the business community was a sign that there was need for engagement between the central bank and the banks operating in the country.

Dr. Ng’andu said there is more that needs to be done by the banking sector to ensure that more players are attracted into banking.

By the year 2015 records were showing that, 86 percent of Zambians do not have bank accounts, and that these individuals are aged above 10 years. This largely explains the rhetoric that a majority of Zambians are not banked.

Economy –

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