By 
By Ross Moyo
Reserve Bank of Zimbabwe’s (RBZ) central bank governor, Dr. John Mushayavanhu, has urged commercial lenders to reduce their charges, citing repeated complaints from customers about excessive fees. In a letter to lenders, Mushayavanhu emphasized the need for banks to “urgently come up with reduced fees structures and reward savings” in the current low-inflation environment.
“The banking sector has come under heavy scrutiny and criticism for high bank charges and fees,” Mushayavanhu said. “In this regard, the banking sector is implored to urgently come up with reduced fees structures and reward savings especially under the prevailing low inflation environment.”
The move is part of the government’s efforts to make it easier to do business in Zimbabwe, where the annual inflation rate fell to 4.1% last month from 15% in December. Mushayavanhu said banks had submitted proposals to reduce fees, which are currently being reviewed.
“Banks, through the Bankers Association of Zimbabwe, have submitted proposals which we are currently reviewing,” Mushayavanhu said. The central bank’s push to reduce bank charges comes as Zimbabweans continue to grapple with economic challenges.
Fanwell Mutogo, CEO of the Bankers Association of Zimbabwe, said he was unaware of Mushayavanhu’s circular. Zimbabwe has 17 registered commercial banks, including South African units of Standard Bank Group Ltd. and Ecobank Transnational Inc.
Zimbabwe’s economy has shown signs of improvement, with inflation easing due to tighter monetary policy, restrained fiscal spending, and the introduction of the new ZiG currency backed by gold and foreign reserves.
Comments