HomeBusiness DigestUS$200 withdrawal limit for AfrAsia depositors

US$200 withdrawal limit for AfrAsia depositors

AFRASIA Bank depositors are grappling with limited cash withdrawals imposed by the bank as it struggles with liquidty problems, businessdigest has established.

By Kudzai Kuwaza

Depositors have been left stranded as maximum withdrawals have been reduced to US$200, leaving many frustrated.

“Sometimes we are lucky to get US$200,” a depositor said. “Sometimes we get a maximum of US$100. This used to be a reliable bank. We don’t understand what is happening.”

One depositor said efforts to withdraw their money on Wednesday afternoon hit a brick wall when they were told by one of the bank tellers that there was no money and she did not know when to expect the next batch of cash.

“The banks’ automated teller machines (ATMs) are not dispensing any cash. It has just become a point where one just checks their balance,” a visibly annoyed customer of the bank said. “I cannot remember the last time I got my money from the ATM.”

Contacted for comment, the bank’s spokesperson Sekai Chitemerere said withdrawal limits were an issue of timing. “This is an issue of timing,” she said. “There will be a mismatch between the supply of cash and demand on a particular day and sometimes there are delays in the delivery of cash we would have ordered.”

This, she said, meant they have to limit withdrawals to ensure that the cash available can be distributed to as many depositors as possible. She said customers could use the Point of Sale and Zimswitch facilities to access their cash.

“We sincerely apologise for the inconvenience caused,” Chitemerere said.

She added the bank was reviewing its operations which could include consolidating its branch network.

She however could not give details as the bank is still consulting with regulatory authorities to get approval.

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