CBZ’s Smartchash Now Charges A Monthly Service Fee

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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.

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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.

FBC

FBC Holdings Limited (FBCH) is an Investment holding company listed on the Zimbabwe Stock Exchange and whose principal activities are in Zimbabwe. The Group offers diverse financial services through subsidiaries that span commercial banking, mortgage financing, short-term insurance, re-insurance, securities trading and micro financing. In... Read More About FBC

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7 Comments

  1. M.A says:

    IF YOU’R TALKING ABOUT CBZ THEN WHY THE CABS IMAGE?

    1. Wakatumwa says:

      I don’t seem to see a cabs image?

  2. Tajamuka says:

    The normal CBZ account require proof of employment or source of income. This was one of the ideas behind the smartcash as the above requirement is not a requisite

  3. Nice says:

    Ridiculous move…I used to have a business account with them but I ended up paying 120 a month after moving to bancabc I’m saving more than 50%…. Could not be happier… When I had the Cbz account I thought of a smart cash account for my workers. After seeing the t and c realised there were ridiculous limits plus you could not move around money…. So put them on my cash…. My workers actually thanked me… There’s multiple features and all you need is an ID and phone to get started… Plus it only costs 15c between cards… Smiling all the way to the bank

    1. Eve says:

      Thank you for this info. I am planning a move too

    2. Taps says:

      Cabs Textacash is equally good only that CABS is not marketing the service enough.No monthly charges only I.D to open account, no minimum deposit required, linked to Ecocash.I have been using Textacash since 2012

  4. tip says:

    Old news! You should have written about this in November 2016, when it warned accountholders about the move to charge a monthly fee. Is it $3 or $2?

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