News / National
Zimbabwean banks let Christmas shoppers down
23 Dec 2011 at 13:30hrs | Views
Financial institutions in Harare are failing to cope with demand for cash by the banking public, thereby throwing into disarray preparations for the festive season.
The banking public in Harare had to spend the better part of the day queuing for cash at banking halls despite assurances by the financial institutions on the availability of cash a week ago.
The situation has thrown into disarray preparations for the festive season by the banking public.
In some cases, the automated teller machines could not dispense cash.
Depositors said financial institutions were aware of the demand triggered by the festive season, but are failing to meet demand for cash.
Bankers Association of Zimbabwe, Vice President, George Guvamatanga admitted failure by the banking institutions in meeting people's expectations during this festive season.
While banks are admitting failure to satisfy demand for cash, most Zimbabweans are still reluctant on the use of plastic money as alternative as the country is yet to fully embrace the new technology.
The banking public in Harare had to spend the better part of the day queuing for cash at banking halls despite assurances by the financial institutions on the availability of cash a week ago.
The situation has thrown into disarray preparations for the festive season by the banking public.
Depositors said financial institutions were aware of the demand triggered by the festive season, but are failing to meet demand for cash.
Bankers Association of Zimbabwe, Vice President, George Guvamatanga admitted failure by the banking institutions in meeting people's expectations during this festive season.
While banks are admitting failure to satisfy demand for cash, most Zimbabweans are still reluctant on the use of plastic money as alternative as the country is yet to fully embrace the new technology.
Source - Zbc News
