News / National
RBZ exempts transactions less than US$10 from bank charges
31 Aug 2024 at 11:13hrs | Views
Starting from 1 September 2024, the Reserve Bank of Zimbabwe (RBZ) will exempt electronic transactions under US$10 (or the ZiG equivalent) from bank charges. This move aims to encourage the use of electronic payments by reducing associated costs, aligning with the RBZ's push towards digital cash.
Additionally, the RBZ has mandated that financial institutions must comply with the bank's monthly maintenance charge policies. From the same date, exemptions from monthly bank maintenance or service charges will be extended to Micro, Small, and Medium Enterprises (MSMEs) for accounts with a conservative daily balance of US$100 or less.
Dr. John Mushayavanhu noted that while many banks have already stopped charging for accounts with balances of US$100 or less, some institutions still need to update their systems. The RBZ is urging all banks to adhere to these new regulations promptly.
Dr. John Mushayavanhu noted that while many banks have already stopped charging for accounts with balances of US$100 or less, some institutions still need to update their systems. The RBZ is urging all banks to adhere to these new regulations promptly.
Source - the chroncile
