5 December 2012

Zambia: Natsave Concludes Rebasing Exercise

NATIONAL Savings and Credit Bank (NATSAVE) has concluded the simulation testing exercise to convert all the banking systems from the old currency to the new rebased Kwacha in readiness for the change-over date effective January 1, 2013.

Natsave managing director Cephas Chabu said all the banking systems have been converted from the old currency to the new rebased Kwacha and the simulation testing was a success.

In terms of the Information Technology (IT), Mr Chabu said his bank had conducted the simulation testing which was a success, adding that the bank was ready for the implementation process.

In an interview in Lusaka yesterday, Mr Chabu said the bank was expected to spend more than K1 billion, saying that the bank would increase the number of procured banking systems such as scales and machines for coins and new notes.

"We are ready for the implementation of the rebasing exercise and we as a bank have been doing the testing internally and it has been a success and we are now waiting to apply it on a live environment," he said.

Mr Chabu said the bank had also finished reconfiguration of the IT systems and Automated Teller Machines (ATM) systems.

"The bank will increase the number of new note machines and we are also talking about the scaling machines for the coins and we have completed the procurement procedures and we are expecting the consignments to be delivered sometime this week," Mr Chabu said.

He said the staff had been trained for the implementation process.

Recently, Mr Chabu said his bank had put in place the IT platform and a project team to coordinate all the activities of the rebasing of the Kwacha throughout its 27 branches across the country.

"We have already put in place the IT platform because we have to reconfigure our IT systems throughout our branch network to make it compatible for the rebasing of the local unit. We have also prepared in terms of putting a project team which is coordinating all projects across the country and also the way we are going to run with this," Mr Chabu said.

Bank of Zambia announced the change-over 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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