RBZ Reviews Plastic Money Fees

The Reserve Bank of Zimbabwe (RBZ) Governor says he will be reviewing plastic money fees  downwards in a move meant to promote plastic money usage in Zimbabweans.

In a statement, Dr John Mangundya said the central bank has put measures to reduce the levies on electronic transactions.

“In order to maintain this positive development and for more convenience to the transacting public, the Bank is putting in place measures to make the use of plastic (including international credit cards) and electronic money cheaper and more attractive than using cash and to ensure that bank account holders are bona fide law abiding and tax paying citizens.

“Charges or levies on plastic money and electronic transactions are being reviewed downwards,” he said.

“The measures will also promote the enhanced use of plastic and electronic money which currently accounts for 70 percent of retail transactions,” he said.

Last year the apex bank introduced a new bank transaction fee structure that will result in withdrawal costs declining significantly and certain charges being scrapped.

The apex bank is on record for criticising the exorbitant rates being levied by banks on most Point of Sale (POS) transactions amid revelations that most card transactions were being treated as international transactions resulting in the high charges.

The move follows public grumbling over the high POS rates which has resulted in many losing sizable amounts of money under blurred circumstances. Devastated depositors petitioned the RBZ over the high charges with view of being compensated for their lost funds.

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