News / Local
RBZ slashes bank charges
11 Dec 2016 at 18:35hrs | Views
The Reserve Bank of Zimbabwe (RBZ) will effect from tomorrow (Monday) slash
bank charges which were deemed too exorbitant, Bulaway24.com can reveal.
Although official announcement would be made tomorrow (Monday), it is understood that Automated Teller Machines (ATMs) withdrawals will attract 1 % charge and 1.25% per banking hall withdrawal.
Depositors now rely on multiple electronic transactions such as point-of-sale and ATM transactions to withdraw their hard-earned cash locked in banks.
RBZ governor John Mangudya is today quoted saying there is a mismatch between the cost of individual transactions and the money withdrawn by a customer.
" Banks are using a model where they charge a fixed
fee for withdrawals at $2,50 from Automated Teller Machines, regardless
of how much a client is withdrawing.
"This has resulted in a mismatch between the cost of individual transactions and the money withdrawn by a customer. What we want is a model where the cost of withdrawal is proportionate to the amount of money that has been withdrawn.
"We are proposing that we move away from fixed withdrawal charges and move towards progressive charges that allow for financial inclusion" he said.
Although official announcement would be made tomorrow (Monday), it is understood that Automated Teller Machines (ATMs) withdrawals will attract 1 % charge and 1.25% per banking hall withdrawal.
Depositors now rely on multiple electronic transactions such as point-of-sale and ATM transactions to withdraw their hard-earned cash locked in banks.
RBZ governor John Mangudya is today quoted saying there is a mismatch between the cost of individual transactions and the money withdrawn by a customer.
"This has resulted in a mismatch between the cost of individual transactions and the money withdrawn by a customer. What we want is a model where the cost of withdrawal is proportionate to the amount of money that has been withdrawn.
"We are proposing that we move away from fixed withdrawal charges and move towards progressive charges that allow for financial inclusion" he said.
Source - Byo24News
