ZANACO Admits Hiccups With Cheque Truncation System

The Zambia National Commercial Bank (ZANACO) has admitted facing some operational challenges in effectively handling the newly introduced cheque truncation system.

ZANACO Managing Director and Chief Executive Officer Martyn Schouten states that the operational challenges were expected because the transition was effected with a short period of time and was not 100 percent tested by all parties involved.

Earlier this year, the Bank of Zambia announced the introduction of the cheque truncation system which was effective from 1st February, 2013 allowing cheques to be cleared within 24 hours.

The cheque truncation system is an efficient method of clearing cheques which involves the clearing of cheques through the transmission of images between banks as opposed to sending physical cheques for clearing purposes.

Some members of public have raised concerns over the long period of time the clearance of cheques is taking despite the reduction of the standardized time for the clearing period from the current 3-10 days to one clearing day countrywide.

Mr. Schouten was however quick to mention that his bank is in constant talks with the central bank and other financial institution’s to ensure that there is an improvement.

In an interview with QFM, Mr. Schouten states that there is tremendous progress that is being made by the bank and has since assured that the system will be in a perfect condition in the next few months.

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Posted by on March 4, 2013. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

13 Responses to ZANACO Admits Hiccups With Cheque Truncation System

  1. zanaco Reply

    March 4, 2013 at 8:18 pm

    They are jst useless!

  2. kwasha mukwenu Reply

    March 5, 2013 at 3:29 am

    But surely every technology should bring hiccups? Improve, it’s owners are muzunguz!

  3. SAWA 2PIN Reply

    March 5, 2013 at 8:36 am

    ZANACO is pathetic in its services to say the least . An example of their incompetence is at KABWE branch. People are queing in lines as though it is during KK’s time. They should improve on the Services they provide. Its us people who have employed them ,we deserve better services. Otherwise they will loose customers. So ATM’s ,T/Ts etc beside others should be improved.

  4. john Reply

    March 5, 2013 at 5:13 pm

    My ATM Card was retained that i reported it was stolen, when i did not. ZANACO pls improve.

  5. Antonio Reply

    March 12, 2013 at 2:58 pm

    stanchart is equally useless and pathetic. A local cheque drawn on a bank in Lusaka takes 5 working days to clear before they allow you access to your money. Kabulonga branch is a case in point.

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