RBZ Orders Removal Of Account Balance Inquiry, Cash Deposit Charges
Source: RBZ Orders Removal Of Account Balance Inquiry, Cash Deposit Charges ⋆ Pindula News The Reserve Bank of Zimbabwe (RBZ) has taken steps to curb excessive cash withdrawal and point-of-sale (POS) charges imposed by financial institutions. In his 2026 monetary policy statement delivered on 27 February, RBZ Governor John Mushayavanhu instructed banks and all deposit-taking […]
The Reserve Bank of Zimbabwe (RBZ) has taken steps to curb excessive cash withdrawal and point-of-sale (POS) charges imposed by financial institutions.
In his 2026 monetary policy statement delivered on 27 February, RBZ Governor John Mushayavanhu instructed banks and all deposit-taking microfinance institutions (DTMFIs) to implement the new fee structures by 31 March 2026.
Under the new rules, cash withdrawal charges at both banking halls and ATMs must be capped at a maximum of 2 per cent of the withdrawn amount for both US dollars and Zimbabwe Gold (ZiG). POS charges are to be limited to 1.5 per cent of the transaction value for both local and international cards, with a maximum cap of US$20 or the ZiG equivalent.
From 1 April 2026, no minimum charge may be applied to any POS transaction, and institutions are explicitly prohibited from imposing such fees.
The central bank also ordered the removal of account balance inquiry charges across all banking and mobile banking platforms for both ZiG and USD.
Additionally, fees on cash deposits for both currencies are to be scrapped, and charges for issuing new or replacement bank cards must not exceed the cost of providing the service.
