4 out of 16 banks in Zambia have ATM cash deposit options

In this age of smart, mobile/ internet banking it’s somewhat disappointing that only 4 out of 16 banks in Zambia allow for cash deposits using ATMs. The Bank of Zambia (BOZ) has 16 banks listed on their Daily Commercial Bank Exchange Rates. Of the 16, a quick check showed that 4 banks have improved their banking to make it more convenient,  allowing cash deposits at selected ATM machines. Among the 4 banks not all of their branches allow this service, but it’s a good start either way. In other countries smart banking extends to clearing a cheque using an ATM Machine, maybe that’s too adventurous for Zambia at the moment.

Considering the number of people banks have today as their customers against the number of tellers receiving money when depositing money, there is more that needs to be done to speed up the process. If you are accustomed to standing in long queues for a good part of your day in a bank this tends to be very frustrating, therefore the  idea of ATM deposits make so much of difference right?

We conducted a quick survey at 4 malls and a few other ATM points to help identify the 4 banks that have ATM machines allowing cash deposits.

  1. Standard chartered Bank

Having been in Zambia for a long time, it is not surprise that this option is available with this bank.  Are you a client and wanting to make your life more convenient? Look no further than the Manda Hill, UNZA and Cairo Road branches.

In most cases the deposits are made from one individual account to another, however with Standard Chartered,t deposits can be made into the accounts of institutions i.e academic institutions.

      2. Barclays Bank

A bank that is innovative world wide could not allow this option to not be available. Cash deposit ATM’s for Barclays can be found  along  Cairo road.

     3. Stanbic Bank

Similar to Barclays and Standard chartered, these ATMs can be located at the Cairo road branch as well as Eastpark shopping mall.

    4. First National Bank (FNB) Zambia

Having been in Zambia for the shortest period  compared to the top 3, FNB has also engaged the smart banking services with selected ATM machines allowing cash deposits. The main notable branches are Acacia Park, Society Business Park and Centro Mall which allow for cash deposits with a maximum of 100 notes.

This is all a great  improvment  except that only ATMs near selected branch offices allow for this service. At the end of the day though, the fact there is a quicker and more convenient way of banking is always a plus for all of us. However, it would be good if the banks would provide this service at more ATM points.

Cheque clearance has improved over the years from a week or two to just a few days if not hours. We hope to see ATM machines allowing cheque deposits in the near future as well as other smart ways to make going to the bank less cumbersome.

How long it will take for the 12 other banks to follow this route?

Do you know of any other branches with this option? Share and comment below!

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lsyanseke@gmail.com'

Author: Levy Syanseke

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2 Comments

  1. nyembezimarialesa@hotmail.com'

    Thanks Levy for another great article. Manje, do you know that for one of these fabulous four, you can only deposit into an account using an ATM card? I needed to deposit money into another’s account only for the ATM to ask me for a card!

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    • lsyanseke@gmail.com'

      You are welcome, and on the depositing using your card is information I am learning today. I am aware that for others you use your account number or even your phone number and confirm a few details and then you can deposit. Thank you for the feedback

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