Investigate commercial banks, state urged
QFM Radio, December 06, 2010

Government has been called upon to thoroughly investigate commercial banks on why they are adamant to reduce lending rates to the consumers.

Consumer Unity and trust international society CUTS observes that consumers in the country are still concerned about the apparent insensitivity by commercial banks to the appeals of ministry of finance and bank of Zambia to lower the lending rates.

The organization also suggests that commercial banks should review the charges that they levy customers for every withdrawal that they make.

CUTS Zambia believes that commercial banks in Zambia appear to have formed a cartel and it might be necessary for the government to thoroughly investigate and consider interventions because moral suasion is not working.

Ambassador Love Mtesa is consumer unity and trust international society board chairperson and he was speaking in Lusaka today for a media briefing on the world competition day.

And Ambassador Mtesa has expressed concern on the decision by the Zambian government to limit the number of mobile operators in the sector to three.

Ambassador Mtesa feels that it is in the interest of the consumers to allow competition in the telecommunication sector to flourish.

Meanwhile, speaking at the same occasion, competition and consumer protection commission CCPC says that he is aware of the complaints on the high banking charges.

Brian Lingela, director of consumer and public relations at the commission, previously known as Zambia competition commission says that the complaints are currently being addressed through the financial sector development programme under the auspices of the central bank of Zambia.

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