I WISH to commend the Bank of Zambia (BoZ) for slashing most of the charges that were being borne by consumers.
The intervention by the central bank has been in the best interest of depositors.
BoZ, in its memorandum of August 7, 2018, slashed debit card maintenance and renewal fees (be it annual, quarterly or monthly), transfer of funds between accounts domiciled in the same bank, inward local fund transfers and electronic funds transfer, statement of closed account upon the closing of the account, a charge for closure of customers’ account, activity generated by the bank, ATM PIN reset, aborted ATM cash withdrawal and initial debit card issuance fees, among others.
The significant benefits to the depositors are checking account balance without paying K2, withdrawing money for free and opening a Kwacha non-cheque account for free and no more paying charges for swiping.
We are indeed happy for this gesture.