‘Dont Deposit New Notes On ATMs Yet’

‘Dont Deposit New Notes On ATMs Yet’

THE Bankers Association of Zambia (BAZ) has advised the public not to deposit new bank notes on Automated Teller Machines (ATMs) until they are all adjusted.

ATMs are rejecting deposits of the new notes introduced by the Bank of Zambia last year as they are not calibrated.

BAZ chief executive officer, Leonard Mwanza, explained that the calibration process of the ATMs was expected to be completed by next month.

Mr Mwanza said the industry would alert the public once the process was complete so that customers could start depositing new bank notes on ATMs.

He was speaking in an interview in Lusaka.

“Just to confirm that there are two types of machines on the market, you have the ATMs which dispense cash and then the hybrid type: they are able to dispense cash as well as to receive deposits.

“However from the time the new notes were issued, there is a process that the industry is carrying out, there is a project to recalibrate the templates so that when you deposit the new notes on those ATMs they are able to identify the security features on these new notes,” Mr Mwanza said.

Mr Mwanza had since urged the public to utilise other channels of depositing money such as cash expresses and branches for commercial banks.

He said the public should for now only deposit the old notes on ATMs.

“There has been an outcry from the general public that when they deposited the new notes on the deposit taking ATMs they are being rejected.

“From the project timeline, we expect that it should be completed by mid-March and we will inform the public and the ATMs will be in a position to receive both the new and old notes,” Mr Mwanza said.