10 cents for swiping as the Reserve Bank of Zimbabwe slashes bank charges

The Reserve Bank of Zimbabwe (RBZ) has finally announced a new set of bank charges following an agreement between the regulator, the providers of payment platforms and the Bankers’ Association of Zimbabwe.

Under the new charges, electronic funds transfer (ZIPIT) will now cost between 33 cents and US$2.10; RTGS transfers have been reduced to $5 from a $10 charge, ATM withdrawals will now cost a maximum of $2.50; Point-of-sale (POS) transactions of up to $10 will cost 10 cents while a POS transaction above $10 will cost 45 cents at the most.

POS user charges have also been scrapped and merchant service commissions will not exceed 1% for local transactions.Monthly administration charges will be capped at $5 for individuals.

The long awaited fees reduction is expected to increase the use of electronic banking services as the country deals with a cash shortage which has been exacerbated by Zimbabweans refusal to take up cash alternatives that have always been too expensive.

Now Read: 11 Ways To Survive The Current Cash Crisis In Zimbabwe