LET’S TALK BANKING WITH MIRRIAM ZIMBA

ACCORDING to the Financial Brand, the traditional payments ecosystem could expose countless people to the risk of the COVID-19 infection.

Commercial Banks facilitate millions of cash transactions every day presenting opportunities to spread infections such as common colds and influen a to more serious infections such as the COVID-19. This is because cash is known to harbour pathogens such as E-coli, Salmonella, and Staphylococcus aureus. It is unclear whether or not the same holds for corona virus, but at the same time, it may not be worth taking the risk.

However, the good news is that digital payment platforms present an alternative to cash transactions. Although the use of digital devices are by themselves not free of germs by any means, but could be far more appealing from the prevention of pathogen-causing germs. Digital Apps and mobile wallets allow consumers to make in-person payments without contact with another person.

A few years ago, there was a study ‘Dirty oney’ undertaken by cientific merican. This study explained how a good number of bacteria can be harboured on paper-notes (cash). The study established that the longer cash stays in circulation, the more opportunity it has to become contaminated. The study further explained that smaller denominations, which circulate more frequently tend to be more contaminated than the larger bills.

Another study undertaken by the New York University established that over 3,000 different kinds of bacteria can be harboured in banknotes. This is because the fibrous surfaces of bank-notes could provide crevices for bacteria to thrive.

Although people to people contact with infected persons poses the greatest risk for the spread of the COVID-19, some countries, through their Reserve Banks, have taken to placing under quarantine bulk cash received from high-risk nations for up to seven to ten days to avoid spreading the virus. There are countries that have employed the use of ultra-violet rays to routinely disinfect bank-notes to curb the risk of spreading of various infections.

iven that commercial banks are financial service intermediaries, and collectively, interface with multitudes of people on a daily basis, measures have to be taken to ensure the safety of both the bank customers, as well as the bank staff in the heightened risk of the spread of COVID-19. This of course follows the declaration by the World Health Organisation (WHO) of the COVID-19 as a global pandemic, coupled with the declaration by the Zambian Government of the condition as a Notifiable Infectious Disease.

In this regard, Commercial Banks, being part of the larger economy have stepped-up efforts to upscale adherence to national preparedness in the prevention of the spread of the COVID-19.

The Bankers Association of Zambia, as part of the response to the threat to help prevent the spread of the infection, has recommended the following best practices to Commercial Banks:

i). HEALTH AND SAFETY a). Put in place a Health and Safety Committee b). Stock up on necessities such as sanitizers, gloves and face masks c). Basing on severity, make provisions for hand-washing and sanitizers at all service touch-points such as PoS, ATMs and branch counters d). Constant disinfection of all operational area such as commonly used furniture, washrooms, counter-tops, entry points, elevators and stair-cases e). Advise staff with colds, coughs and other flu-like symptoms to consult medical experts and only report for work once full-recovery is attained f). Put in place a reporting framework for all suspected cases amongst staff and customers to the National Health Institute g). Observe all protocols as advised by the Ministry of Health in view of curbing the spread of the COVID-19 h). Minimise foreign travel for members of staff until the pandemic is brought under control

(To be continued)