BOZ abolishes unwarranted bank charges The Bank of Zambia Prohibition Against Unwarranted Bank Charges and Fees...

BOZ abolishes unwarranted bank charges

The Bank of Zambia Prohibition Against Unwarranted Bank Charges and Fees of 2018 has now been promulgated into law (Government Gazette number 6693) and Bank of Zambia. This is according to a Circular issued by Deputy Governor-Operations Dr Bwalya Ngandu.However, the Bankers Association of Zambia has warned that the decision to abolish bank charges will only cripple the financial services industry and may result in job losses for some workers in the sector. Association Chief Executive Officer Leonard Mwanza said that there was a justification as to why commercial banks slapped such charges on clients.

Question: Discuss the impacts of the removal of the unwarranted charges and fees following a directive from the Bank of Zambia. Three (3) pages. Please give sources

Expert Solution

Rahul Sunny answered 1 year ago

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