ATMs to be standardised

7
ATM Crime

THE Bank of Zambia (BoZ) will introduce a national switch which will standardise Automated Teller Machines (ATMs) to allow account holders withdraw cash from any machine regardless of the bank and card type.
The system will enable the withdrawal of cash using non-VISA cards on VISA ATM machines and vice versa.
BoZ regulatory policy non-banking financial supervision senior inspector, Banji Milambo said the introduction of the national switch would in turn reduce on concerns of long queues in accessing money at most ATMs in the country.
Speaking during a two-day stakeholders’ consultative meeting on Companies Bill, Insolvency Bill and Personal Property Security Interest Bill in Kabwe, Mr Milambo said the central bank was concerned with continued complaints over the ATMs and was committed to finding a lasting solution.
“I want to state that plans are underway to introduce a national switch which allow people to withdraw money from any bank even if the ATM cards are not VISA and we hope this will address challenges faced by most of our banking institutions,” he said.
He said that BoZ wanted to insure that the fees for using different ATMs are minimal saying that the charges should be a hindrance to the usage of the available machines.
Earlier, Central Province Permanent Secretary Edwidge Mutale called on BoZ to urgently compel commercial banks in Kabwe to set up more ATMs to allow customers access money without difficulties.
Ms Mutale said a number of workers in Kabwe have become unproductive because they spend hours queuing up on ATMs in a bid to withdraw their money.
She said the situation of inadequate ATMs in Kabwe has been a source of serious concerns for some time now.
Ms Mutale said some people who opted to access their money at ATM’s between 01:00 and 03:00 hours have ended up being robbed after getting their money.
“It is saddening that my office has continued to receive complaints over long queues while in some cases the ATMs are not operational and we feel that the only way to resolve this matter is for BoZ to direct the banking institutions to have more than three ATMs each, “she said.

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  2. ZBS always sleeping, even our foods has no standards any food is imported into the country bringing disases… look at the fruits we have in supermarkets are you sure they dont affect our agricultural produce in terms of diseases????

  3. Yes this is good but the only problem is the inter bank charges are too high like natsave finance withdraw from finance bank is fifty kwacha.please regulate this so that we enjoy this service by ensuring charges are the same

    • Felix we are not even supose to be charged, our savings are used by these banks in which ever way possible.. then they charge us like hell, thats why pipo especialy indians and chinese dont keep money at the bank even though its a risk to them, but it affects the availability of cash in the economy thats why interest rates are even high…

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