Banks need to adjust their excessive charges as this is affecting financial inclusion in the country, a senior Government official has said.
Speaking during a panel discussion at the 2024 ICAZ Winter School in Victoria Falls recently, Finance, Economic Development and Investment Promotion Deputy Minister David Mnangagwa said the time will come when directives on bank charges will be given.
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“Right now we are saying let us engage. We leave it with the monetary authorities but the clock is ticking on the issue of bank charges, ” he said.
Some banks charge as high as 3,5 percent for over the counter cash withdrawals. Others charge a minimum of ZiG34 or 2,5% for an ATM withdrawal.
Account maintenance fee is as high as ZiG60 at some banks, while one can part with as much as ZiG6, 5 for a ZiG90 Zipit transaction.
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