Barclays scraps ATMs fees
By Darious Kapembwa
Wed 23 Mar. 2011, 04:01 CAT
BARCLAYS Bank Zambia has introduced free ATM services for both corporate and retail clients countrywide. Managing director Saviour Chibiya announced at a breakfast meeting in Kitwe yesterday that the bank wanted to standardise its operations with other banks around the world.
“Banks generally charge ATM (Automated Teller Machines) charges and our customers have raised the question as to why they should be paying to withdraw their money and there is logic to that argument,” Chibiya said.
He said the bank had since responded to its customers’ cry and all ATM transactions at all Barclays outlets would be free starting mid next month.
“There is a small fee charged for using ATMs but that same small charge can make a difference to customers and that is why we had to forego the charge to give our customers what they want from us,” he added.
He said the bank would focus its lending to the agriculture sector due to the sector’s contribution to the country’s Gross Domestic Product GDP.
Chibiya said the bank had increased the lending portfolio to agriculture to the tune of 15 per cent.
He explained that the bank would work in collaboration with the Zambia National Farmers Union to manage the risks inherent in the sector.
Chibiya said the bank was making efforts to exceed customer expectations in terms of service provision.
He said other sectors of the economy must do more to ensure that they caught up with the mining sector in contributing to the GDP of the country.
Chibiya said it was not true that Zambia could move away from depending on copper, saying the red metal could work side by side with other sectors as long as those other sectors worked hard.
Labels: ATM, BANKING, BARCLAYS BANK, LEVIES
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Intermarket starts chikwama account
By NANCY MWAPE
INTERMARKET Banking Corporation (Zambia) limited has introduced a
‘Chikwama’ Savings and Automated Teller Machine (ATM) account targeted at Zambians without bank accounts.
Speaking in Lusaka yesterday, Intermarket Banking Corporation head of business development and marketing, Alinani Simukonda said the new product was designed to meet specific financial requirements that would uplift individuals.
Mr Simukonda said the ‘Chikwama’ account was an innovative product that allow them save and ultimately improve their economic status.
He described the ‘Chikwama’ savings account as a comprehensive package that would incorporate all in society.
He said to qualify for this account, which come with an ATM card, one only needed a minimum balance of K20,000.
“The Chikwama ATM account is a unique account specifically designed for customers that transact mainly on ATM. No monthly fees, no hidden charges or costs as long as you use the ATM only,’’ he said.
Mr Simukonda said with the ATM, clientele would be able to deposit cash and make withdrawals.
He said account holders were also eligible for loans.
He said for Small and Medium Entrepreneurs (SMEs), the bank would provide working capital in form of over drafts and bridging loans.
Mr Simukonda said the bank had further introduced the interDollar savings account for customers wishing to transact in foreign exchange.
He said the interDollar account would attract a minimum balance of US$200, four per cent interest per annum and no monthly fees.
And Intermarket Banking Corporation will soon open a branch in Lusaka’s Kamwala area to tap business from cross border traders, marketeers and individuals.
Mr Simukonda said the bank was providing unique diverse range of financial services and was committed to being the best at creating and maintaining mutually beneficial relationships with all stakeholders.
Labels: ATM, INTERMARKET BANK
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BoZ calls for more ATMs
By Fridah Zinyama
Monday August 06, 2007 [04:00]
THE Bank of Zambia (BoZ) has urged the banking sector to increase the number of automated machines across the country to improve service delivery. During a tour of the BoZ stand on Saturday at the 81st Agricultural and Commercial Show, director of banking, currency, and payment systems Morris Mulomba said Zambia only had 100 ATMs currently.
“There are only about 500, 000 cardholders in Zambia and this number is likely to increase with most banks reducing their bank drafts,” he said.
Mulombo said the banking sector had so far invested about K800 billion in the installation of automated machines.
And BoZ has revealed that lease financing from the banking sector has gone down mainly due to competition from micro-finance institutions.
“Competition in the banking sector has brought about a lot of change in the way the banking sector has been performing,” he said. “Coupled with government’s withdrawal from issuing government bonds, the banks have had to be innovative in their dealings.”
He said lack of dealings with government had forced the banking sector to deal with the private sector.
“This has seen the banking sector going back to communities and offering lower bank balance in order to attract more customers,” Mulombo said.
He added that with the stability coming from lower interest rates, there had been increased activity in the economy due to more funds being available in the market.
He also added that there had been an impressive growth in the banks total assets.
Labels: ATM, BANKING, BOZ
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