EXPOLITATION OF CUSTOMERS BY AIRTEL AND MTN MOBILE MONEY THROUGH UNWARANTED CHARGES.
I would like to bring to the attention of Bank of Zambia through your platform the exploitation of Mobile Money customers by Mobile Money operators. I will particularly discuss AIRTEL and MTN, where I hold mobile money accounts.
I take us back to 2018 when the BANK OF ZAMBIA issued a directive to financial service providers, Mobile Money Operators inclusive on the abolishment of unwarranted charges. Since this directive, we have seen banks complying, they have abolished charges on internal transfers. No bank charges for a transfer from one account to another within the same bank.
WHY IS AIRTEL AND MTN CHARGING CUSTOMERS ON INTERNAL TRANSFERS? In April this year, the mobile operators introduced a minimum fee of K0.17 on internal transfers, and the charge increases as the amount increases. Why did Bank of Zambia approve these charges against their own 2018 Directive? Can they clarify that the directive was exclusive to banks? If yes, what is the rationale of the directive in respect of financial inclusion?AIRTEL TRANSFER CHARGES TO BANKS.
Most of us that transfer money to banks from AIRTEL will attest to the fact of exorbitant charges we bear when sending money to banks. Airtel will charge as much as a K100.00 for a K5000.00 transfer to bank, who approves these charges at Bank of Zambia? These charges are really unwarranted, and we are really being exploited by these mobile money operators. Worse still, when making a transfer, AIRTEL will not show you the charge before the authorization, you will only see the charge after the money has been sent. This is theft and deception and should be put to hold as soon as today.
Bank of Zambia is being biased towards Mobile money operators, they need to be fair if their goal of Financial Inclusion is to be attained.