21 November 2012

Zambia: Stanbic to Spend K8 Billion On Rebasing Exercise

STANBIC Bank Zambia will spend K8 billion for the rebasing exercise planned for January 1, 2013.

Stanbic Bank Zambia chief executive Dennis Kennedy said the bank's current estimate of the cost for the rebasing exercise had been set at that much.

Mr Kennedy said the bank had carried out a range of items that have been covered by the project including the purchasing of coins counting machines, additional note counting machines, re-configuring teller areas to handle coins, paying for the Information Technology (IT) costs for testing and user accepting testing of systems.

"From the time Bank of Zambia (BoZ) announced the rebasing of the Zambian Kwacha, Stanbic Bank has instituted a major project across the entire bank, with support from our Johannesburg head office, and has made very good progress in its preparations in readiness for rebasing come 1 January 2013," Mr Kennedy said.

He said as part of these preparations the bank has had to re-configure its core banking system as well as all the supporting systems.

"The bank has to re-configure our core banking system as well as all the supporting systems of which they are many, around it. Thus far, thorough stringent and testing is still on-going, and we are confident we will convert successfully," Mr Kennedy said.

He said the bank was also carrying out a widespread communication and sensitisation programme for its clients and staff to complement the central bank efforts.

"Our aim is to provide full support to the critical success of this very important project for Zambia and its citizens," he said.

BoZ announced the changeover date for the rebased currency as January 1, 2013 and therefore, the rebased currency is expected to become legal tender on that date and will accordingly be accepted as a medium of exchange.

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