Authors : Nchimunya Chaamwe and Edward Bwalya
Abstract: The purpose of this study was to investigate strategies aimed at reducing ICT costs in financial institutions, using the Bank of Zambia as a case study. ICT has become one of the largest components of capital and operating expenditure in most institutions including the Bank of Zambia. In the year 2011 alone, the Bank of Zambia spent about 41% of the total capital expenditure of the budget on ICT. The study found that the causes of rising ICT costs in the Bank of Zambia included investment in computer hardware, computer software and ICT professional services, payments for licenses, annual maintenance and support, training, staff benefits and emoluments, consultancy and upgrade costs on ICT. In terms of reducing ICT costs at the Bank of Zambia, it is recommended to; implement cloud computing, implement anytime, anywhere computing environment, connect bank to strategic economic agents, rationalize the annual and maintenance licenses of software and hardware and use an integrated Enterprise Resource Planning (ERP) system.
Nchimunya Chaamwe and Edward Bwalya, 2013. An Investigation into Strategies Aimed at Reducing ICT Costs at the Bank of Zambia. International Business Management, 7: 182-190.