Zimbabwe: #BankChargesMustFall, Case for Financial Inclusion

16 December 2016
analysis

Last week, Reserve Bank of Zimbabwe Governor Dr John Mangudya announced the slashing of bank charges, a cause celebre among the transacting public.The new charges have been put at one percent of an amount withdrawn at an automated teller machine (ATM) and 1,25 percent for withdrawals over the counter.

The banking charges -- which must come down further as part of an overdue package of reforms -- were militating against the concept of financial inclusion, hurting poor folk and small businesses who were discouraged from banking although in the short-term this would disqualify them from accessing lines of credit.

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