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Finance Minister Professor Mthuli Ncube has unveiled a raft of regulatory reforms aimed at lowering the cost of financial services. This includes sharp reductions in central bank supervision fees, the introduction of zero-cost bank accounts for micro, small, and medium enterprises (MSMEs). And a 50% cut in Securities and Exchange Commission of Zimbabwe (SECZ) registration and licence fees.
The measures, approved by Cabinet, form part of a broader package of reforms spanning manufacturing, health, and real estate sectors.
According to an official statement, the Reserve Bank of Zimbabwe (RBZ) banking supervision fee will be reduced to 0.007% of assets, capped at US$40,000. The government has also abolished RBZ licence fees for Agricultural Development Bank (ADBL) rural branches and reduced cash withdrawal fees for both USD and ZiG transactions.
Mobile money transfer charges have been lowered, while duties on automated teller machine (ATM) equipment are under review for further reduction.
“These measures will lower the cost of financial services and transactions, increasing access to banking, particularly for MSMEs and underserved communities,” the Ministry of Finance said. Officials expect the reforms to promote digital financial inclusion, improve liquidity circulation, and strengthen participation in the formal financial system.
However, it is important to note that two major tax barriers remain unaddressed: the Intermediated Money Transfer Tax (IMTT), which applies to every digital transaction, and the recently introduced digital services tax.
Critics argue that these levies have made Zimbabwe one of the most heavily taxed populations in the region and actively discourage online payments from the country.
While welcoming the latest cuts, the reforms could be good but not enough, especially without tackling the broader tax burden on digital finance. The government has yet to indicate whether IMTT or the digital services tax will be reviewed.
The Minister of Finance, Economic Development and Investment Promotion reiterated that the reforms will support business expansion, improve access to capital, and enhance confidence in the financial sector over time.
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