Banks stand to lose $73 million

Zimbabwe's banks stand to collectively lose $73 million as a result of the Memorandum of Understanding between Bankers Association of Zimbabwe and the RBZ which effected a slash on bank charges and transaction fees effective from January 2013.

Authoritative sources said this week most of the banks are also unlikely to meet the minimum capital requirements of $100 million by June next year owing to revenue lost because of the MoU as well as being sapped by what the sector feels is too high a subscription fee for capitalising the Deposit Protection Board, at nearly $20 million per bank each year.

The sources said the bankers are also unhappy at what they perceive as slow processing of their applications to recover money owed by defaulting borrowers by the courts.