Banks place restrictions on withdrawing cash

Banks place restrictions on withdrawing cash

 

Banks tighten process to withdraw cash

Banks have stopped giving money instantly on the counter.

The Watchdog understands that, to withdraw your money, you now need to give the bank a 24 hour notice.

When the bank receives your request, the commercial back will send your request to the Bank of Zambia for approval. Before approving, the Bank of Zambia will need to establish what you need to use your money for.

Additionally, the Bank of Zambia has limited the circulation of K100 and K50 but has instead populated commercial banks with K20 s.

You can still withdraw using your ATM now but we understand even there restrictions are coming.

Share this post