Zimbabwe: Outrage Over Bank Charges

15 November 2019

Depositors have expressed concern over the high banking charges levied by financial institutions.

Speaking at a post-2020 Budget breakfast meeting co-organised by Zimpapers and ZBC in Harare this morning, some delegates called for the intervention of Finance and Economic Development Minister Professor Mthuli Ncube.

Prof Ncube conceded that bank charges were on the Higher side, and even suggested that banks should give interest to depositors.

"Bank charges are an issue. We are also want banks to give interest on deposits," he said.

He said both local and foreign currency accounts should attract interest to encourage more deposits and rebuild confidence in the banking sector. Previously, some banks maintained tight cash withdrawal limits in a bid to force customers to make as many transactions as possible so that they make money from transaction costs.

More to follow . . .

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