RBZ expands mobile and ZipIt limits

The Reserve Bank of Zimbabwe (RBZ) has introduced measures to reduce banking costs, including setting a 2% cap on cash withdrawal fees and a 1.5% ceiling on point-of-sale (POS) charges, while scrapping account balance inquiry fees. 

The central bank also eliminated charges on cash deposits and limited fees for issuing or replacing bank cards to cost recovery levels. Real-time gross settlement (RTGS) system charges were reduced, and banks are required to continue waiving monthly service fees for accounts with balances of US$100 or below, as well as transactions of US$5 or less.

RBZ Governor John Mushayavanhu explained that the measures respond to persistent complaints from depositors about high transactional costs, which he said discourage the use of formal banking channels and reduce domestic savings available to support productive sectors. 

In addition, mobile money and ZIPIT transaction limits were increased from ZiG8 000 to ZiG13 000 per transaction, with a monthly cap of ZiG50 000, to encourage wider use of ZiG and strengthen digital payments across the economy.

Bankers Association of Zimbabwe chief executive officer Fanwell Mutogo welcomed the changes, noting that the measures are intended to rebuild customer confidence and improve transactional efficiency. Mushayavanhu said the adjustments aim to make banking more accessible, deepen financial inclusion, and enhance convenience in a growing digital economy.