CBZ Bank to phase out manual cash withdrawals

Zimbabwe's largest commercial bank, CBZ Bank will with effect from next month phase out manual cash withdrawals, the bank said in a statement.

Effectively, no one would be allowed to withdrawal cash using cash slips.

"We therefore request clients without ATM cards to visit the nearest CBZ Branch before 22 February 2014 to apply for ATM cards," the bank said.

Resultantly, all cash withdrawal transactions by individual customers would be effected using ATM cards on "CBZ ATM machines, instore ATM machines, branch Point Of Sale (POS) machines, merchant POS machines as "cash back" and the Zimswitch platforms.

The move, the bank said, "… is to improve service provision and mitigate risks on behalf of customers."

This follows the bank's partnership with Spark ATM System, an award-winning South African- based independent automated teller machine deployer launched last year.

The partnership saw the strategic deployment of Ezycash ATMs by Spark ATM System Zimbabwe in retail, petroleum and hospitality locations nationwide.

A total of six Ezycash ATMs have been installed at several retail and petroleum service stations in Harare while more than 300 ATMs are planned for installation nationwide within 24 months.

Some of the merchants that are already on board include ZUVA, Total, Engen, Spar Frachise Stores, Food Lovers' Market and Fruit and Veg City.

The Ezycash ATMs accept all cards on the ZimSwitch platform as well as local and international Visa cards courtesy of the CBZ Visa principal membership.

Contacted for comment, CBZ Bank managing director Peter Chimedza said the move would benefit clients.

"The move will increase cash access convenience to our, because they will be served quicker and avoid long queues when performing manual withdrawals," he said.

Chimedza also said that the move will also offer the bank quick turn around by increasing the number of clients served a day.

Reserve Bank of Zimbabwe (RBZ) acting governor Charity Dhliwayo last month encouraged banks to use plastic money.

According to RBZ, by December 2013, the POS density stood at 400 machines per million, which falls short of the world average of 1 300 machines.

The central bank is targeting POS density of 600 by year end, as well as a POS machine for every till machine within 5 years.

"Against this background, the banking sector is, therefore, urged to ensure that all clients be issued with bank cards and adopt strategies to encourage wide use of the same," said Dhliwayo.

CBZ becomes the first bank to implement the call by RBZ.