Zimbabwe banks on notice over excessive fees

Banks need to reduce excessive charges to improve financial inclusion, according to Finance, Economic Development, and Investment Promotion Deputy Minister David Mnangagwa.

Speaking at the 2024 ICAZ Winter School in Victoria Falls, Mnangagwa indicated that if banks do not adjust their fees, government directives may be issued.

Current bank charges are significant, with some banks imposing up to 3.5% for over-the-counter cash withdrawals and a minimum of ZiG34 or 2.5% for ATM withdrawals.

Account management fees can reach ZiG60, and a ZiG90 Zipit transaction can cost as much as ZiG6.5.

Mnangagwa emphasized the urgency of addressing these charges, noting that the issue remains under the purview of monetary authorities but warning that time is running out for banks to make voluntary changes.