BOZ directs commercial banks to adjust ATMs to accept new notes deposits 

By Staff Reporter

The Bank of Zambia (BoZ) has directed commercial banks to finalise the adjustment of the Automated Teller Machines (ATMS) by end of this month to ensure that they accept deposits of new notes.

BoZ director of banking, currency and payment systems, Lazarus Kamanga said it was the expectation of the central bank that all deposit taking ATMs could be used to deposit new notes.

Kamanga said during a media tour of the BoZ stand at the just ended 93rd Zambia Agriculture and Commercial Show that five of the banks had however adjusted their deposit taking ATMs.

“The latest information we have is that there are five banks with ATMs that are accepting deposits of new notes and some of the machines have started operating. We do not expect us to go beyond this month, we expect all ATMs that are deposit taking to start accepting new notes,” Kamanga said.

In September last year, the BoZ upgraded the Kwacha with new security features to distinguish a genuine from a counterfeit note.

One of the introduced security features called Sparklive was incorporated in the figure on the lower right hand side to further shield the banknotes from being counterfeited.

Meanwhile, BoZ deputy Governor, Francis Chipimo, said the central bank would this year launch its Primary Dealership initiative meant to boost investment in Government securities.

Dr Chipimo said BoZ had engaged commercial banks on the planning of the initiative.

“We have done a lot in terms of moving to a primary dealership, we were meant to launch mid this year. Clearly the economy has been through some challenges this past period and so what of the things we are doing is to make sure that the necessary things to launch the initiative is done,” Dr Chipimo said.

He said that the initiative would boost the financial sector and encourage people to trade government securities on a secondary market.

 “We have engaged the banks, some of them have come on board and we have discussed the planning we need to have the primary dealership. But we still going to launch it this year but it will be subject to conditions generally on the market.” Dr Chipimo said.