[Update 2] Stanbic Bank source: RBZ ordered us to reverse intended changes to customer terms and conditons

Following up on Stanbic Bank Zimbabwe’s reversal on its decision to change client terms and conditions due to the misunderstanding with the public and its customers, new information we have gathered brings some clarity to what really happened.

According to a credible source at the Bank, Stanbic was ordered, via a phone call from an unnamed RBZ official, to reverse its decision to change clients banking terms and conditions as it would impact the credibility of the Bond Notes by appearing to be protecting themselves against liability for them.

The source further alluded that Stanbic Bank was not pressured by social media and customer feedback to reverse its decision as we had suggested earlier but succumbed to pressure from the RBZ which bears more weight on their relationship with the Reserve Bank and ability to operate in Zimbabwe.

So, it was neither public outcry or Stanbic feeling pity on its clients that forced them to reverse the decision. If the RBZ had not made that call all would have remained the same.

It seems as though tension and pressure are mounting as we draw closer to the introduction of the Bond Note. Some institutions, like Stanbic Bank, have shown the first signs of being unsure of what will happen once it goes into circulation. And if a Bank doesn’t know what will happen, what about a normal citizen?