CCPC commends BOZ over bank charges ban

By Staff Reporter

The Competition Commission and Protection Commission (CCPC) says the government Gazette Notice No. 731 of 2018 which prohibits unwarranted bank charges and fees by the financial services sector comes at a time when the need for financial inclusion is urgent.

CCPC Public Relations Officer Namukolo Kasumpa commended the Bank of Zambia (BOZ) for sanitizing the banking and financial services sector with regards to the numerous bank charges that have been obtaining.

“For some time now, consumers have complained of excessive and numerous bank charges and thus, the removal of these bank charges are therefore a relief to the over charged consumers who for a very long time were suffering from unfair trading practices in the banking sector. The advocacy of deepening financial inclusion had suffered due to the high charges associated with banking services which had denied the public to enjoying simple and convenient banking services,” said Kasumpa.

She said citizens, more so from the informal sector despite having an opportunity to be financially included with the banking sector have refrained as they perceive financial services providers as distrustful.

“This is a wakeup call to the sector to become more innovative and find other means of sustaining their operations instead of levying endless charges on the public; adding that the removal of unwarranted charges and fees is therefore expected to go a long way in promoting financial inclusion and also ensuring that consumers are not unfairly charged,” she said

She said the Commission remains determined in its pursuit of ensuring consumers are fairly treated in all sectors of the market.

Last week BOZ banned 26 unwarranted bank fees and charges imposed on customers by commercial banks.