THE Reserve Bank of Zimbabwe (RBZ) this week slashed tariffs for electronic transactions and account administration, bowing to mounting pressure from the banking public which has suffered usurious transaction charges from the country’s financial institutions.
As the cash crisis worsened, banks reduced daily withdrawal limits to US$100 charging around US$5 per transaction. This saw depositors losing as much as US$50 to withdraw US$1 000 compared to the previous charges of US$2,50 at automated teller machines and around US$5 in banking halls.
RBZ governor John Mangudya said the central bank had agreed with the Bankers Association of Zimbabwe and payment systems providers to reduce charges on electronic transactions in order to promote and encourage usage of electronic banking services.
Monthly administration or service fees for account holders were reduced to a ceiling of US$5 from as much as US$50.
RTGS transactions have been capped at a maximum of US$5 per transactions while ATM withdrawal fees were also set at a maximum of US$2,50 per transaction.
ZipIT electronic funds transfer were pegged at between US$0,33 to aUS$2,10 while point-of-sale (POS) transactions on the customer’s own bank were capped at US$0,20 per transaction.
For other POS transactions of up to US$10, a charge of US$0,10 was set while US$0,45 was stipulated for transaction above US$10.
POS issuer charges were removed.
“It is envisaged that the reduction in transactional fees will go a long way in promoting the use of plastic money which is essential to move the economy towards a cashless society and complement the current financial inclusion efforts,” added Mangudya.