Make access to money easier – BoZ

BOZ building.

BANK of Zambia (BoZ) has urged commercial banks to respond to their loosened monetary policy by making access to money more affordable and thus translate into increased economic activities.
The Central Bank has also advised banks to stop taking customers’ loyalty for granted since they are key stakeholders in the business of the banks.
Officially opening the refurbished Standard Chartered Bank branch in Kabulonga that has been relocated to a newly-opened shopping mall yesterday, BoZ governor Denny Kalyalya said inflationary conditions have reduced (6.7 percent) and that the monetary policy rate has also seen a decrease which should result in changes to bank tariffs.
“The Central Bank has further reduced the statutory reserve ratio to 15.5 percent from 18 percent and restored overnight lending facility rate to 600 basis points from 1,000 basis points above the policy rate.
“It is our expectation that the market [banks] should reciprocate by making access to credit more affordable to translate into increased economic activities in various sectors of the economy,” Dr Kalyalya said, in a speech read for him by BOZ director of bank supervision Gladys Mposha.
He said BoZ attaches importance to initiatives by banks that enhance service delivery to the public which in a way minimises incidences of customer dissatisfaction with the services obtained from the bank.
“This will in turn stimulate customer loyalty which will impact positively on the image of the bank and financial system as a whole. You will agree with me that some people shun away from the financial system because of the bad experiences of poor services,” Dr Kalyalya said.
Earlier, Standard Chartered  Bank executive director Ngenda Nyambe said the new banking facility has a priority center and a cash deposit machine to make it easier for clients to deposits without queuing.
And the bank’s regional head for retail banking Jaydeep Gupta said the bank will spend US$ 1.5 billion globally in improving its digital platforms.

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