RBZ governor John Mangudya
Harare Bureau
THE Reserve Bank of Zimbabwe (RBZ) has with immediate effect reduced charges on all electronic transactions to ease the burden on banking clients and to promote use of electronic banking services.
In a statement yesterday, the RBZ said a decision had been reached following discussions between the apex bank, the Bankers Association of Zimbabwe (BAZ) and the payment systems providers, to reduce electronic banking charges with immediate effect.
“The Reserve Bank of Zimbabwe is pleased to advise the banking public that it has agreed with the Bankers Association of Zimbabwe and payment systems providers to reduce charges on electronic transactions in order to promote and encourage usage of electronic banking services.”
This comes as the nation is currently going through a cash crisis which is mainly due to the high demand for the US dollar following weaknesses in other currencies in the approved multi-currency basket and the non-replenishment of nostro accounts because of illicit financial flows.
The cash crisis has seen depositors making numerous trips to the banks to access their funds with each transaction attracting high charges.
According to the new charges announced yesterday, the maximum RTGS charge has been set at $5 from $10 while ATM charges did not change at $2.50.
Electronic funds transfer will now attract a minimum fee of 33 cents and a maximum of $2,10, while a point of sale (POS) transaction of up to $10 is now attracting a charge of 10 cents, and transactions above US$10 will be charged 45 cents from $2,50. POS user charges have been removed, merchant service commission will now range from zero to a maximum of 1 percent for local transactions, while monthly administration charges will range from zero to a maximum of $5 for individuals.
RBZ governor John Mangudya said the new charges would go a long way in promoting the use of plastic money, which is essential to move the economy towards a cashless society and complement the current financial inclusion efforts.
Recently, banks admitted they had been punishing depositors through high bank charges particularly on RTGS and POS transactions.
However, even after the admission, only one bank, Steward Bank, made a downward revision of its charges.
President Mugabe recently blasted banks for usurious behaviour against well meaning clientelle.