3 January 2013

Zambia: Stanchart Succeeds With Rebased Kwacha Crossover

STANDARD Chartered Bank PLC and National Savings and Credit Bank (NATSAVE) successfully transitioned into the rebased Kwacha as at January 1, 2013 and customers are able to access the new notes without difficulties.

Standard Chartered Bank Zambia PLC acting head corporate affairs Chanda Chime-Katongo said the bank had transitioned perfectly into the 2013 currency rebasing.

"As a Bank, we are fully operational today January 2, 2013. All our services are up and running and our customers are very happy.

"Mobile banking and internet banking are working well in the rebased currency format. All our Automated Teller Machines (ATMs) country-wide are operational and our cards can be used at point of sale machines."

Separately, National Savings and Credit Bank (NATSAVE) managing director Cephas Chabu said: "Our rebasing has been successful. Customers are already able to access new currency through our ATMs."

Mr Chabu said that the new rebased notes had been distributed to all its outlets throughout the country and the people in the rural areas are also able to access the rebased Kwacha.

A check by Times of Zambia business crew in Lusaka revealed scores of people at NATSAVE north-end branch queuing up to withdraw money while at ZANACO North-end branch the situation was the same with queues of people at ATMs and in the banking hall.

Barclays Bank Zambia Plc said it has achieved a smooth currency rebasing transition.

Barclays Bank Zambia acting managing director Simangolwa Shakalima said the bank was able to make the transition with all its 151 ATMS and Point of Sale machines offering services to customers by 06:00 hours yesterday.

"We are proud to have achieved a smooth currency rebasing transition which demonstrates our commitment to providing our customers with better value banking. As such, all our customers and non-Barclays customers can access the new rebased currency at our ATMs across the country.

By Press time all the ATMs for Zanaco were not able to dispense the cash, while at Stanbic people were found waiting after being assured that the machines would start operating soon and Indo Bank Zambia ATMS were not working.

Some shoppers from Ndola and other Copperbelt towns were by press time Yesterday for a second consecutive day disappointed after being denied chance to buy goods from Shoprite outlets because the point of sale terminals were being worked on to conform with transacting using the rebased currency.

The case was different for other multi-national company owned shopping outlets like Pick n Pay, Mr Price, Pep Store and Woolworth were business was normal as shoppers transacted in dual currency.

Most of the banks in the province had their ATMs working apart from some isolated ones like Stanbic Bank where clients were told to wait as the system was being updated to conform to the new currency. Enoch Manchani, who accessed rebased Kwacha at the Barclays Bank ATM along Buteko Road, said he felt honoured to be among the first few people in Ndola.

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