UNZA Lecturer threatens protest exorbitant bank charges

UNZA mourns sata Oct 29th 2014 in Pictures - by Lusakavoice.com
UNZA mourns sata Oct 29th 2014 in Pictures - by Lusakavoice.com

Economist Lubinda Haabazoka has threatened to protest over what he has called exorbitant bank charges in Zambia.

Dr Haabazoka who is Lecturer of Economics at the University of Zambia has accused banks of day light robbery by slapping high bank charges for some services.

“Today a certain Bank just charged me K10 for withdrawing K100. How do we enhance financial inclusion like this? How can Bank of Zambia allow banks to exploit us like this? How can I pay 10% on my K100?”

He added, “Mind you I didn’t choose to open an account. I was forced to open one because I can’t be paid cash. I need an account. I need my refund. This is daylight robbery! If you can’t make money by selling loans, don’t exploit our savings.”

“This is why the economy cannot accumulate its own resources for investments. Because in K10 I can buy eggs for breakfast, lunch or supper!! I can buy a Pamela and yet I give it out just like that!!!!!! I am going to protest the bank.”

Dr Haabazoka said he still needs his K10 back.

“It should be a policy that we are given a chance to withdraw our money once for free then banks will never hold not even a penny of my money for more than 2 minutes. How can we develop Zambia like this?”

Dr Haabazoka stated that banks should come up with creative marketing and sell loans cheaply.

He charged that using archaic methods of income generation are detrimental to national development.