Commercial banks have voluntarily agreed to reduce a range of transaction fees and eliminate others entirely, in what Governor Dr John Mushayavanhu described as a landmark move by the banking sector to pass the benefits of digitalisation onto customers.
Presenting the 2026 Monetary Policy Statement, the RBZ Governor announced that bankers had approached the central bank with a suite of fee reductions, marking the first time the sector had proactively offered concessions without regulatory compulsion.
“And they said—we have had you as you are aware, we are in the process of digitalising our systems, and as we digitalise we are reducing the cost per transaction, and we should pass it on to our customers,” Dr Mushayavanhu recounted. “So, here is what they offer, and I think we must applaud because this is the first time that the bankers voluntarily said no, you also need to do something.”
The Governor detailed a series of significant reductions across multiple fee categories, beginning with small-value transactions.
“Last time they agreed that zero to five dollars—no bank charges any transactions between zero and five dollars,” he said. “And then they agreed that any balances below 100 US dollars or its equivalent, there would be no service fees.”
The most substantial reduction applies to cash withdrawal fees, which have been capped at a maximum of two percent, down from previous levels ranging between three and four percent.
“But they have gone further, and they have said cash withdrawal fees—and these were going at three to four percent—they have said the maximum now will be two percent for cash withdrawal. That’s a massive reduction,” Dr Mushayavanhu stated.
Point of sale transaction charges have also been cut, with the maximum now set at 1, 5 percent, again reduced from previous levels that reached as high as three percent.
“They have also reduced point of sale charges, and the maximum is now 1, 5 percent. Again, these charges were going up to three percent,” the Governor confirmed.
In a move likely to prove popular with customers, banks have agreed to eliminate balance inquiry fees entirely, along with certain cash deposit charges.
“And the charge for a transaction at 20 dollars—they have removed the balance inquiry charges,” Dr Mushayavanhu said, injecting a note of personal experience. “In fact, I said today—I do not think people will applaud that because I went to my bank and said to them, how much do I owe you? I want to know so that I can pay. And they charged me for asking. So, they said no, there’s no more charge for balance inquiry.”
“The same with cash deposits—they used to have cash deposit fees, but…” the Governor added, indicating that those charges have also been eliminated under the new voluntary framework.
The fee reductions apply across all banking institutions and take immediate effect, with banks expected to update their systems and tariff schedules accordingly. The moves align with the central bank’s broader agenda to reduce transaction costs, encourage electronic payments and promote financial inclusion by making banking services more accessible and affordable.
The Governor’s announcement represents a significant victory for consumers, who have long complained about the high cost of banking services in Zimbabwe, particularly the proliferation of fees for basic transactions and account inquiries.
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Bankers present at the policy statement accepted the Governor’s commendation, with industry representatives indicating that further reductions could be considered as digitalisation continues to drive down the marginal cost of processing transactions.-herald
