Source: Excessive Bank Charges Set To Be Slashed ⋆ Pindula News Cabinet has approved sweeping cuts to the cost of licences, permits and fees in the financial services sector, to dismantle “hidden costs” and rebuild trust in formal banking. For years, excessive bank charges have discouraged small transactions and kept millions of Zimbabweans outside the […]
Cabinet has approved sweeping cuts to the cost of licences, permits and fees in the financial services sector, to dismantle “hidden costs” and rebuild trust in formal banking.
For years, excessive bank charges have discouraged small transactions and kept millions of Zimbabweans outside the formal financial system.
Speaking at a post-Cabinet media briefing earlier this week, Information, Publicity and Broadcasting Services Minister Zhemu Soda said the reforms will streamline overlapping regulations and eliminate unjustifiably high charges. He said:
“Cabinet approved the streamlining of duplicated and overlapping regulatory licences and permits, removed unnecessary levies and fees and lowered unjustifiably high levies and fees.”
The measures include scrapping or reducing monthly account maintenance fees for balances below US$100, lowering charges on transactions under US$5, and removing cash deposit fees for both US dollar and ZiG accounts.
Cash withdrawal fees will be capped at 2%, while account opening fees are also set to be reviewed downward.
