CBZ low-cost account Smartcash is now charging monthly service fees. Previously, Smartcash had no monthly fee charges thus offering low-cost accounts to consumers. But, customers are now having to pay $3 per month to service their accounts.
The Reserve Bank of Zimbabwe introduced the National Financial Inclusion Strategy with the sole aim of improving financial inclusion. Low-cost accounts are one of some measures of achieving their goal. Smartcash is also one of many low-cost accounts banks in Zimbabwe are opening for customers so as to increase their participation in the financial sector and ensuring that every person has affordable banking.
Those who already have access to the banking sector open these low-cost accounts with a savings goal in mind, that is, to just keep their money in the low cost account which doesn’t charge monthly service fees. Its better than keeping it in a traditional bank account where you get charged a monthly service fee.
Now with this $3 CBZ introduced, what becomes of the ‘lost-costness’ of its Smartcash account? When many banks such as FBC with its low-cost account (Mobile Moola) are not charging any monthly service fees, CBZ makes this kind of move.