Dear Mr Editor
The Bank of Zambia is not doing enough to promote customers that are being abused by Commercial Banks in Zambia. I wish to cite the case of Standard Chartered Bank who change Management Fees of K 25 on Premium Saving and Savings Accounts. What i shocking is that the same bank literally pays interest of K 3.04 on a minimum balance of K 1,500.
Why isn’t the Bank of Zambia regulating Commercial Banks so that they implement ethical banking practices. Honesty isnt this tantamount to theft. These same banks have been allowed to introduce exorbitant charges of K 50 for customers who withdraw more than three times in a month.
Rather than issuing toothless adverts about bank charges the Bank of Zambia should tell us why Commercial Banks are charging us for keeping money with them. It is rhe banks that should pay us for using our money banked with them.
Such practices wont encourage the unbanked population to begin putting their money in commercial banks.
Standard Chartered Bank