Business / Economy
Reserve Bank slashes electronic bank transaction fees
14 Jun 2016 at 22:07hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has announced the reduction in electronic banking charges with real time gross-settlement system (RTGS) now pegged at a maximum of US$5, while automated teller machine (ATM) withdrawals charges have been slashed to not more than US$2,50.
RBZ Governor, Dr John Mangudya said following discussions between the apex bank, the Bankers Association of Zimbabwe (BAZ) and the payment systems providers, a decision has been reached to reduce the electronic banking charges with immediate effect.
Electronic funds transfer will now attract a minimum fee of 33 cents and a maximum of US$2,10, while a point of sale (POS) transaction of up to US$10 is now attracting a charge of 10 cents, and transactions above US$10 will be charged 45 cents from US$2,50.
POS user charges have been removed, merchant service commission will now range from zero to a maximum of 1% for local transactions, while monthly administration charges will range from zero to a maximum of US$5 for individuals.
The measures come on the back of concerns by the banking public over the unattractive electronic banking charges.
The RBZ expressed confidence that the new measures will promote and encourage usage of electronic banking services.
The latest developments are part of broader efforts aimed at moving the economy towards a cashless society and complement the current financial inclusion drive.
RBZ Governor, Dr John Mangudya said following discussions between the apex bank, the Bankers Association of Zimbabwe (BAZ) and the payment systems providers, a decision has been reached to reduce the electronic banking charges with immediate effect.
Electronic funds transfer will now attract a minimum fee of 33 cents and a maximum of US$2,10, while a point of sale (POS) transaction of up to US$10 is now attracting a charge of 10 cents, and transactions above US$10 will be charged 45 cents from US$2,50.
The measures come on the back of concerns by the banking public over the unattractive electronic banking charges.
The RBZ expressed confidence that the new measures will promote and encourage usage of electronic banking services.
The latest developments are part of broader efforts aimed at moving the economy towards a cashless society and complement the current financial inclusion drive.
Source - zbc
