By 
Under the recently introduced directive, accounts with balances of less than $100 will no longer be subject to bank charges. Furthermore, transactions under $5, whether in USD or Zimbabwe Gold (ZiG) equivalent, will not incur any bank costs. This is a nice respite for customers who routinely make minor purchases for basic necessities like lunch or parking fees.
However, if the transaction exceeds $5, a 2% government tax and a 1% bank charge will apply. The RBZ’s purpose with these measures is to encourage the use of digital transactions over cash, in line with its overall financial inclusion agenda.
By Gamuchirai Mapako
Despite these developments, Zimbabwe’s banking costs remain a source of concern. Because bank costs for accounts under $100 have been eliminated, many employees may now opt to take their entire salary as soon as it is received to prevent unnecessary deductions.
For example, an ordinary worker earning $250 per month may lose a portion of their salary if they keep the money in their account after the end of the month due to maintenance fees.
Monthly account maintenance fees are high. Steward Bank costs current account customers $5 per month, but Stanbic Bank charges a steep $20 monthly fee for commercial accounts. High banking fees continue to hinder Zimbabweans from completely adopting formal banking.
While the scrapping of charges for small transactions is a step in the right direction, the RBZ still has more work to do in making banking more affordable and accessible.
Lowering maintenance fees and reducing transaction costs further could go a long way in restoring public confidence in the banking sector and encouraging wider adoption of digital payments.
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