Nedbank Zimbabwe has, in an SMS to customers, said that it has upped the point of sale (POS) swipe limit to ZWL$1.5 million for individuals and ZWL$2.5 for corporates.
Dear Client, We advise that our daily swipe limits have been reviewed to ZWL1.5 million for individuals & ZWL2.5 million for Private Banking, Corporates/SMEs.Nedbank Zimbabwe (via SMS)
Not really a surprise, the depreciating local currency has meant that banks have to continually review these limits. If you remember last month Standard Chartered Bank announced that it was upping online and bank app transfers to ZWL$25 million.
So, Nedbank Zimbabwe increasing its POS swipe limit is only natural. And by “natural” I don’t mean that what is happening financially in the country is at all natural because limits are things that, in normal economies are things that are not changed at frequent intervals.