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Why Zambian Banks Charge Unreasonably?
Dear Editor,
I want bring to your attention that Zambian banks are one of the worst in the world. I have moved around few countries around Europe and America and still can’t understand why Zambian banks still exploit their customers.
Firstly for anyone to open a bank account someone has to have a recommendation letter from an already customer of that particular Bank? And if it happens that don’t know anyone who has an account with that bank then its practically impossible for you to open up a bank account. Why is this condition there? In every country I have been to Europe and America that is not the case, any one who has proper identification documents is free to open up an account with any bank of their choice.
Secondly the issue of Charging unreasonably for ATM services. I understand Banks have far huge sources of income besides the so called ATM service charges. How can your bank charge you for using their ATM? I must state that I have not seen any bank in any high-income country that does this. Then why should a low or medium income Zambian bank charge its customer with a relatively lower income? Though I have not done banking but I think this is exploiting Zambians.
The only charge you get in the other countries for withdrawing using an ATM of another bank is just around $0.5 cents about KR2.50 in Zambian Kwacha.
But here in Zambia why would you charge your customer KR25 for withdrawing from your own ATM? Then how much will you charge your customer for withdrawing from another Bank’s ATM?
The other ridiculous charges that you Zambian Banks claim are the monthly service fee? I’m not saying there no other Banks in Europe or other Countries that charge the monthly service fee. But I never came across any bank that was charging the monthly service fee besides Citi Bank that had a monthly service fee of about $5 equivalent to KR25.00for a special kind of an account. In-fact most of the commercial banks actually pay you for just leaving some money in your account.
You politicians out there reading this you know it yourselves, even you politicians at Zambian embassies you are aware of this but you have remained mute. That’s why you are at embassies. You are there to copy development and take it home an not just take tea and facebook in your offices.
Richard
Posted by Admin
on June 11, 2013. Filed under BUSINESS, LATEST NEWS, NEWS.
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flo
June 11, 2013 at 10:33 am
well said Richard…
Wisi Boyi
June 11, 2013 at 10:52 am
its not just Zambian banks, most businesses here are based on exploitation. They are not innovative and treat customers like crap because they can. They know you have no options. The biggest culprits are the cell phone companies, they think they are geniuses because they rake in huge profits but the truth is that these people would never survive in a trully competitive environment were you fight till the last customer. And that day will one day come to Zed and these people will have to adapt or wither and die ….
mwamba mutale
June 11, 2013 at 11:04 am
The B0Z as the monitoring bank is not doing much to stop zambians from exploitation. B0Z should put across standard charges for all banks to follow. I once went to get a bank statement from stanbic…they charged me K25,000/page and they did 5 small pages and debited my account K125,000. Honestly that’s too much and day light roberry. At investrust they wanted to charge me for not using a cheque leaf and yet its the bank which had delayed to send from Lusaka. B0Z wake up and save the nation
MIXME
June 11, 2013 at 7:12 pm
BOZ IS FULL OF USELESS PEOPLE (DESPITE HAVING CHAINS OF MEMORISED DEGREES)..THEY ARE TOO CONFORTABLE TO BRING SANITY TO THE FINANCIAL SECTOR..WE NEED MORE INNOVATIONS FROM ZAMBIAN BUSINESS PEOPLE TO COME UP WITH FINANCIAL INSTITUTIONS THAT WILL TARGET THE POOR..WATCH THIS SPACE
Antonio Dinorscio
June 11, 2013 at 7:45 pm
BOZ in this country is useless. It’s party to this exploitation going on.They regulate branches of international banks and they know that this exploitation does not take place in their {banks} home markets.BOZ even publishes tariffs for banks in Zambia but fails to stop these banks from applying ****** tariffs to zambians. BOZ even encourages zambains to make a choice when they should be stopping those banks from making immoral charges.
XXX
June 11, 2013 at 11:14 am
Govt is to Blame Period!!!!!
swine!
June 11, 2013 at 12:17 pm
for pushing for a free market economy, right?
pat
June 11, 2013 at 11:19 am
Thats very true.gorvement should do something about these robbers.giving loans to customers rules will stop u from starting the process.if the atm is not giving a service the bank wil charge u kr25 to withdrow from inside.can the gorv stop this daylight robbery
amaitilikuseli
June 11, 2013 at 11:21 am
True Zambian Banks sucks its been like that for over 30yrs it will not change.
HEFF
June 11, 2013 at 11:40 am
ZANACO treated me badly I have already posted what happened but I cant see it here. I didn’t bad but people should know how some of these banks are treating us. I cant see my previous posting.
Jack Malama
June 11, 2013 at 12:24 pm
This is a crap site, you will post something and it won’t show. But if you try to repost it will insist that you’ve already posted that.
Nakalipa Nomba
June 11, 2013 at 1:13 pm
Jack Im so very irritated with this too. Wats up Tumfweko? May be before posting this article on banks you should have removed your own log from your small eye Tumfweko! Kikiki
Malcom X
June 11, 2013 at 6:58 pm
TRUE!!
Leon Davies
June 11, 2013 at 11:55 am
I once deposited a cheque an international cheque in one of the banks back home ( fnb) I was surprised when they called me to tell that the commission the bank was supposed to get after processing the cheque exceeded the amount on the cheque. I went outside the country deposited the same cheque and only $0.20 cents was deducted! We are indeed exploited!!!
Jack Malama
June 11, 2013 at 12:22 pm
Lol that’s criminal for real.
isaac
June 11, 2013 at 12:11 pm
That is very true Richard. That is why the republican vice president Dr Scott has being preaching most of the times.I remember when Dr Scott went to China where he met two Zambians employers by the names of Mundias who were relactant to invest back home one reason they put forward was high interest rates in almost all commercial banks that we have. Its good if govt can make certain deliberate policy so that these lending rates can be reduced.
Nakalipa Nomba
June 11, 2013 at 1:17 pm
You are right Isaac l do remember this too. Can someone save our thin, hungry,bruised,exploited,special slavery (business)chained necks?
FuManchu
June 12, 2013 at 1:44 am
So if I send some cash for my relatives from the diaspora there will be a charge to have it credited into their account? It is the duty of BOZ to correct this nonsense!
mukombe
June 11, 2013 at 1:52 pm
Which bank charges Kr25.00 name it
Mundia M
June 11, 2013 at 2:22 pm
All the big banks are charging exploitative ATM chargesi.e. Barclays, Stanbic & Standard Chartered. They charge KR6 per withdraw and KR25 if you use another banks’ ATM.
The small banks like ABU, Access and FNB are charging KR3.50, but still KR25 if you use their ATM with a different bank card.
Mukombwe, are you working for the sleeping BOZ?
Wake up and start working for those humongous salaries the BOZ pays you!
kabanda yeshima
June 11, 2013 at 2:50 pm
WE ARE FED UP WITH THESE BANKS.UNION BANK OWED A LOT OF PEOPLE MONIES.FINANCE BANK HAVE BEEN GIVEN THE MANDATE TO PAY BACK THESE MONIES.UNION BANK WAS CLOSED A DECADE AGO.THESE PEOPLE ARE REQUESTING FOR A BANK STATEMENT ,BANK BOOK , AND REGISTRATION CARD.IF YOU ONLY HAVE A NATIONAL REGISTRATION CARD, THEY CAN NOT ACCEPT.SO WHAT WILL PEOPLE DO TO GET THIER MONEY BECAUSE MOST OF THE PEOPLE HAVE LOST THIER PASS BOOKS.THESE PEOPLE WANT TO STEAL PEOPLES MONEY ,THE GOVMENT SHOULD INTERVEN.
nafuti nafuti
June 11, 2013 at 2:58 pm
This is a very important topic. Please Mr president listen. It has been bothering me for some time now. Indeed there are many ways our banks can make money rather than exploiting already impoverished savers. They charge more when you are borrowing than when you are saving with them. They charge more when you are buying forex than when you are selling the bank. Sometimes the ATMs will only be allowing KR1000 at a time so that by the time you withdraw KR5000 you would have accumulated alot interms of the charges at each withdrawal.This is pure day light robbery.
UKO
June 11, 2013 at 3:12 pm
This is the case which the lawyers in Zed could take on behalf of the pipo but eish, they are too sleepy to see opportunities.
Malcom X
June 11, 2013 at 6:57 pm
Yes civil organisations should be fighting such exploitation but NGOs in Zambia are just a source of income
governor
June 11, 2013 at 6:17 pm
this is unthinkable ZANACO is now charging for balance enquiry…!
Malcom X
June 11, 2013 at 6:56 pm
Banks use our money to earn interest when they lend it out. On top of this they want to continue charging us for using our money? All these little charges they come up with are just meant to fleece us. South Africa had a similar complaint at the beginning of the century. I wonder how they have dealt with it. The govt should seriously look into this. Its no laughing matter
VMMM
June 11, 2013 at 6:59 pm
Some banks will still charge (KR50) you if you get money over the counter (teller. It just a way of making money form the poor harding working Zambian. It is a shame that the government can protect its own people from these abusive investors. Bankers every where in the world are greedy.
Where is the Consumer Protection Organisation, and what are thye doing about ?
I am sure they are there, unless they are given nchekeleko by the bankers.
Banker
June 11, 2013 at 8:42 pm
Some people here are lying & making untrue statements. Firstly, it is not true that the big banks like Stanbic & Stanchart charge K6 per ATM withdraw, that is false. ATM charge is K3.75 & K5 if u do visa (use another bank’s machine). Banks play an important role in the economy & they keep safely money entrusted in them, a service they deserve to charge the customer in form of monthly service charges. So if u think the bank is stealing from you, keep your money home.
Good bank
June 11, 2013 at 9:52 pm
Barclays Bank does NOT charge any ATM fees. Please do your research before you mislead the masses. It’s the only bank in Zambia that allows you to access your money through the ATM for zero charges ! You can prove this fact.
FuManchu
June 12, 2013 at 1:46 am
Are you sure? Once you fall below the account maintenance balance BBZ charges you!
Mwansa
June 13, 2013 at 4:15 am
Well, here in USA ATM fees range from $2.50 to $3.00. I work for Bank Of America and I see those charges everyday.. not sure how much that is in Kwacha terms. I wish we could research and find out why Banks Charge for ATMs. We need to have some an understanding of how that machine operate.