DEMAND FOR CASH WORRIES BoZ

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DEMAND FOR CASH WORRIES BoZ

By ADRIAN MWANZA

THE Bank of Zambia (BoZ) has called on the public to utilise alternative payment methods to cash due to the unprecedented rise in demand for cash country-wide during the past months.

According to BoZ Assistant Director Besnat Mwanza, the crisis was more than expected seasonal increase in demand for currency during the crop marketing season and general elections which were held last month.

Ms Mwanza said that in this regard, the central bank was working with commercial banks to put in place measures that would ensure that there were enough bank notes and coins in circulation.

She said the central bank was advising the public to use alternative methods like digital financial services like Mobile Money, Mobile Banking, Debit or Credit cards and electronic fund transfers through commercial banks when conducting transactions.

“Non cash transactions allow the public to get the exact value for their money without encumbrances for change as they pay for goods and services,” she said.

Ms Mwanza said the country was still grappling with the Covid-19 pandemic and the use of electronic payment methods provided a safe means by which transactions could be done.

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