BOZ DOES NOT PLAN ON PUNISHING BANKS

ABOUT 28,000 SAVINGS GROUPS HAVE BEEN CREATED SO FAR- FSDZ
September 8, 2018
UPPZ U-TURNS ON THE PETITION
September 8, 2018

BOZ DOES NOT PLAN ON PUNISHING BANKS

 

The Bank of Zambia does not plan to punish banks that do not comply with the directive that was issued prohibiting unwarranted charges and fees charged on their customers.

 

The Bank says it does not know of any banks that decide on their own not to obey the directive that came into effect on 4th September 2018.

 

BOZ Head of public relations Kanguya Mayondi says the banking sector understands the importance of listening to written directives.

 

Mr. Mayondi has reiterated that members of the public that know of banks not following the directive to report to the bank of Zambia and the BOZ will know how to handle the situation.

 

He has also advised that Banks be given time to adjust their systems in compliance to the directive.

 

Mr. Mayondi has however disclosed that a number of banks are complying with the directive with some of them publicly informing the customers about the changes.

 

The Bank of Zambia issued a Directive on the Prohibition of Unwarranted Charges and Fees to all financial service providers. Pursuant to Section 167 of the Banking and Financial Services Act, No.7of2017 (BFSA).

 

The said Directives came into effect on September 4. 2018 through Government Gazette Number 6693.

 

The Move has been welcomed by most stakeholders but the banking sector, which said, the extra fees are what facilitate for the daily operations of the banks.

 

 

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