BoB should tighten screws on banks � BIDPA

In a recently released special briefing reviewing the bank charges in Botswana, BIDPA said as the regulator, the central bank must consider mechanisms to enhance consumer education, by encouraging the commercial banks to make information on their charges available to the public. This, according to BIDPA, would assist the public make informed choices between the banks and between the different services offered within the banks.

It accused commercial banks of not adequately availing information on their bank charges to the public, adding that making information available and continually updating it is essential, particularly in this era where commercial banks constantly add new products to their service menus. “Availability of such information could play a positive role in broadening financial inclusion and improving access to banking and financial services. Hence, the banks’ tariff books need to be made available to the public and should be regularly updated to show charges especially of the new services,” said the research organisation. BIDPA asserted that the use of the banks’ websites to publish updated bank charges should certainly not be a costly medium to avail such information to the public. According to the research organisation, bank charges differ from one bank to the other, and in some cases, the differences are vast.