Banks on notice: Govt targets excessive fees
A senior Government official has told banks that the clock is ticking if they do not do something about banks charges, that are seen by many as excessive.
Some bank charge as high as 3.5 percent for an over the counter cash withdrawal. Others charge a minimum of ZiG34 or 2,5% for an ATM Cash withdrawal.
Account maintenance fee is as high as ZiG60 at some banks while one can part with as much as ZiG6, 5 for a ZiG90 ZipIt transaction.
Such high charges discourages financial inclusion leaving many Zimbabweans unbanked.
One bank has approximately 300 touch points/services where they charge their customers.
Speaking during a panel discussion at the 2024 ICAZ Winter School in Victoria Falls recently Finance, Economic Development and Investment Promotion Deputy Minister David Mnangagwa said time will come when directives on bank charges will be given.
“Right now we are saying let’s engage, let’s engage, politicians have not stepped in (hazvisati zvapindirwa nema politicians) but I am saying, this one I don’t know, we leave it to the monetary authorities because it is still sitting with you (RBZ) but the clock is ticking on this issue of bank charges, ” said Deputy Minister Mnangagwa.-ebusinessweekly
