Kwacha rebasing affects Cavmont Bank ATM roll out.

It is meant in good faith, but the rebasing of the kwacha has led to pushing further Cavmont Bank’s ATM roll out. Cavmont Capital Bank has revealed plans of rolling out its own Automated Teller Machines –ATMs- across the country. Bank Managing Director Johan Minnar tells ZNBC News in an interview that the exercise will be done this year as the company is currently using Visa Electron Cards for its clients. He says Cavmont had planned to roll out the ATMs last year but the rebasing of the kwacha affected plans as the firm had to spent over Kr 6,000,000 to upgrade its system in readiness for the rebasing of the currency. “If it was not for the rebasing we would have rolled out our ATMs across the country so that we get even more closer to the people…..but the rebasing was law so we could not avoid had but just push our rolle out plan to 2013,” he said. Mr. Minnar says the rebasing involved changing the bank’s operating systems beyond servicing clients but payroll systems for employees among others. Meanwhile Mr. Minnar says the bank recorded growth in its balance sheet last year owing to introduction of new products such as those meant for SME development. He says Cavmont is committed to developing SMEs in the country and will continue doing so in-light of plans of further recapitalization this year. The new rebased kwacha took effect on January 1st 2013 almost a year after a statutory instrument was issued providing for the need to rebase which involved dividing it by K 1,000. A six month transition period running until June 2013 has been provided and during this period both currencies will be used side by side. After that people will only be able to change the old currency over the counter in banks until 2015.