CBZ To Reduce POS Charges

One of the biggest commercial banks in Zimbabwe, CBZ, has hinted on reviewing charges on all point of sale (PoS) transactions.

This comes after clients have taken their concern on social media.

“For those that have not checked Zimswitch has increased its charges. This has seen banks charging between 7 to 10 ZWL for every swipe. So try to avoid swiping for small amounts Ecocash would be better to use. If u buy a drink for 7zwl CBZ will charge you 10zwl your total cost will be 17zwl,” reads part of the message doing rounds on social media.

The bank has responded to the client’s grievances via Twitter stating that they are in the process of lowering the point of sales (POS) charges.

“We have heard, we have listened and we have complied. we have taken into consideration your concerns regarding POS charges and proud to advise that we are in the process of reviewing these downwards. Will advise the new charges as soon as they are affected .thank you for your continuous support and we value your feedback. #PartnersForSuccess” reads CBZ Twitter post.

This is a positive move that will provide relief to the wallets of CBZ customers as bank charges have long become unbearable for most if not all banks since banks are now using POS and transaction charges as their main source of revenue.

Recently consumer lobby groups raised concern over the “exorbitant” Point of Sale (POS) charges banks have recently effected when customers buy goods using debit cards.

In recent years, Zimbabwe has been experiencing cash shortages and the Government through the Reserve Bank of Zimbabwe has encouraged the public to use electronic platforms such as POS and mobile money transfer services when transacting to ease the challenge.

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