BoZ to probe Banks charging on savings accounts


The Bank of Zambia says it will launch investigations into why some Commercial Banks are charging clients with savings accounts when such accounts are supposed to be growing with interest.

And the Central Bank has this year set a target to capture over 50 percent of the country’s unbanked population especially in the remote parts of the country.

Speaking during the financial literacy week media workshop in Chisamba today, BoZ Head of Communications Kanguya mayondi says it is unfortunate that some clients’ saving accounts are recording negative instead of positive.

Mr Mayondi says the Central Bank will soon be looking into such matters.

He states that the Central bank’s director for banking and his team will be looking into such anomalies.

He says the Bank of Zambia’s policy has not changed and that Commercial Banks should follow the policy provided.

Mr. Mayondi has also disclosed that the Commercial Banks have been tasked to take banking services closer to the people this year in order to make the dream of financial inclusion a reality.

He says it is motivating to note that the number of districts in the country without banking services has tremendously reduced, which he says is a plus for the banking sector.


QFM News Zambia