CBZ bank lite account service, Smartcash has increased its daily transactional limit from $300 to $1000. The increase will come as great news to Smartcash customers as this will enable them to increase the volume of their transactions.
Smartcash was introduced in 2014 to increase financial inclusion through providing low-cost bank accounts for the unbanked population.
Lite bank accounts have found favor with many people because they have no mandatory minimum account balances and they have no monthly service fees. And CBZ’s agency banking helped it to register as many as 100 000 Smartcash accounts.
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Additionally, the maximum amount of balance for Smartcash accounts has been increased from $300 to $3000 meaning that those account holders will enjoy keeping large amounts of money at no monthly services fees.
Prior to the introduction of competition in the form of mobile money services financial inclusion in Zimbabwe was limited to unaffordable traditional banking accounts that were largely used by individuals and institutions active in the formal economy.
However, the macro environment has changed significantly with informal services contributing significantly to liquidity. As such banks have had to tailor products that address this market. Thus they came up with low-cost bank accounts such as CBZ Smartcash, FBC Mobile Moola etc.