The Reserve Bank of Zimbabwe (RBZ) has announced that it will implement charge-free transactions for amounts under five dollars. This decision was announced  by a representative of the RBZ, Mr Douglas Muranda during the recent Tech Convergence Fora held today.

The initiative aims to alleviate the financial burden on low-income individuals and encourage the use of digital payment systems. By removing transaction fees for small amounts, the RBZ hopes to promote greater access to banking services, particularly among unbanked populations.

“By eliminating these charges, we are taking a step towards ensuring that every Zimbabwean can participate in the digital economy,” stated the RBZ representative Mr Douglas Muranda. The fora served as a platform for discussing the future of technology in finance and its potential to transform economic participation.

The charge-free transaction policy is expected to be implemented in the coming future, with further details to be communicated by the RBZ. Financial experts have welcomed the initiative, noting that it could stimulate economic activity and support local businesses by facilitating easier transactions.

As Zimbabwe continues to navigate economic challenges, this move by the RBZ is seen as a proactive approach to support citizens and boost the digital economy. The forum also featured discussions on other innovations in financial technology, underscoring the importance of adapting to changing economic landscapes.

This new policy marks a critical shift in the RBZ’s approach to transaction fees and reflects a growing recognition of the need for affordable financial services in Zimbabwe.