RBZ calls on banks to bring convenience to Civil Servant allowance liquidation

Valentine Muhamba Avatar
RBZ Building entrance

The RBZ seems to have some idea of the plight of Civil Servants when it comes to the liquidation of their US$75 allowance. There have been banking institutions that have tried to make lives easier for Civil Servants in this respect. But to some institutions that have lagged behind and the Reserve Bank of Zimbabwe’s Monetary Policy Statement had this to say:

In view of the continuous challenges faced by the public sector employees to access their COVID-19 allowances, the Bank is directing all banks to adhere to the requirements to open domestic FCA accounts to enable the public sector employees to access their US$ allowances in the manner and form as expected by Government and the employees.

Monetary Policy Statement

The statement also goes on to say that banks should make it easier for Civil servants to access their Nostro cards. It would have been nice had the central bank added other measures we have seen being employed by other banks. But on the other hand, it is pretty clear how other banks, like FBC, have dealt with Civil Servant allowance liquidation. USSD in this respect is truly the great equaliser because it just relies on one having a mobile phone. USSD is also a platform that most, if not all banks in Zimbabwe offer.

It’s a surprise that a service like this isn’t yet universal. Hopefully, this urges more banks will make the lives of Civil Servants a little easier.

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