FNB Zambia has cut Automated Teller Machine (ATM) withdrawal fee for its customers using other Bank ATMs from the current K20 to K11 per transaction with effect from Friday 3 September 2021.
This has been necessitated by the cash challenges being experienced at some of the FNB’S ATMs in the country. A check by the Zambian Business Times – ZBT has however revealed that almost all banks are experiencing cash shortages.
FNB Zambia Head of Strategic Marketing and Communications Kasali Mwaba Kaingu told the Zambian Buisness Times – ZBT that this would be for a two-week period only. Kaingu said the bank would waive the withdrawal fee entirely for customers with a bundled account.
She said the Bank was aware of the cash challenges being experienced at some selected FNB ATMs and was working with the regulators and other stakeholders to ensure that this is resolved as soon as possible to avoid inconveniencing its customers.
“While we do our best to resolve this industry-wide challenge, we encourage our customers and stakeholders to make use of our digital banking channels that include Mobile and Online banking services, CashPlus agencies across the country, the FNB App and FNB Debit Card to transact and make purchases.
These alternative options are convenient and safe, and they help avoid the risks that come with cash handling,” Kaingu said. She said customers that they could also instantly increase daily limits to manage online transactions using the FNB App or from an FNB branch in their vicinity.
Kaingu said the Bank would continue to monitor the cash situation with a possibility of extending should the cash challenge persist.
A random check by ZBT in Lusaka and Kitwe , Zambia’s two largest cities by population has revealed growing frustration among ATM users for various banks which has seen some banks resorting to switching off their ATM networks as they can no longer sustain the cash needs due to shortages of the Kwacha on the market.
ZBT had asked the central bank – BOZ during the Monetary Policy Committee media engagement on why this situation has emerged, the BOZ team stated that they are aware of the situation and that the shortage would normalize by Friday 3 September 2021.
