If you remember, the gallant RBZ announced that Zimbabwean banks were to start paying interest on savings accounts, effective 1 July. The RBZ sounded proud of this development as we could tell from the tone of their address. That was surprising. Every single person to ever be associated with banking in Zimbabwe should have been […]
A fortnight ago, FBC took the curious decision of adding annual fees to their prepaid cards, with individuals and businesses expected to pay $15 and $20 respectively. It was a curious decision for a number of reasons; firstly FBC risked angering customers who would then go to other banks who offer similar cards without any […]
Zimbabwe’s banking system is pretty interesting. Because banks no longer make their money from loans, they’ve turned to bank charges as their main source of revenue and when banks want to increase revenue or protect themselves from the inflationary economy of Zim, they simply raise transaction charges. Whilst this model has proven sustainable thus far […]
For a long time, consumers have complained about the state of our economy and how it’s changed the way banks make money. Instead of making their dough from interest on loans, banks now make most of their money from charges that you and I pay when we transact and for the upkeep of our accounts. […]
Zimbabwe is now almost completely a cashless economy. The latest report on payment systems from the Reserve Bank of Zimbabwe revealed that cash was responsible for only 2.05% of all monetary transactions. This means we are now effecting 97.95% of all payments through electronic means – cards, internet and mobile. This did not come as […]
Speaking on regulating bank charges and mobile money tariffs, Mr D. Chinoda of the Competition and Tariff Commission first elaborated on the cash crisis in Zimbabwe giving possible reasons for it. He acknowledged the huge appetite for imports and underfunded nostros being some of the major reasons. With the cash crisis undeniable people have had […]
Even after the recent downward review of the bank charges, the truth is that RTGSs (and people looking to access their cash have to make a lot of them) at $3 a transaction, are still quite expensive to do. And ofcourse EcoCash still charges the sender up to $7 for a $100 transfer to an unregistered number […]
Government directs all its departments to introduce POS payments, leaves out more relevant mobile money options
The Zimbabwean government has directed all public institutions including State-owned enterprises and local authorities to introduce electronic Point of Sale terminals by the 1st of July 2016.
The Reserve Bank of Zimbabwe (RBZ) has finally announced a new set of bank charges following an agreement between the regulator, the providers of payment platforms and the Bankers’ Association of Zimbabwe.
The government – represented by the Reserve Bank of Zimbabwe which is the industry regulator, and the entire collective of bankers – unified under the banner of the Bankers Association of Zimbabwe are the two entities – the collection of officials, that should have responded to the crisis with emergency measures.