BusinessCurrent News

RBZ to issue Pensioners with FCA cards

The Reserve Bank of Zimbabwe will soon avail Foreign Currency Account cards to pensioners for easy access of their USD COVID19 allowances.

Pensioners without debit cards were being forced to liquidate their funds into local currency.

Recently the RBZ met with banking institutions following government directive that corrective measures be taken to ensure pensioners and civil servants get their allowances in foreign currency.

The Reserve Bank Governor John Mangudya has said pensioners will soon get FCA cards.

“It was brought to our attention and we recently met with the CEOs of various banks on the issue and they assured us that pensioners would receive their cards any time from now, as the cards are being imported”

“We also reiterated to the banks that the service will be free and the cost will be borne by the Government, so pensioners will get their money in full. All banks need to do is to send the invoice to us and we pay.”

He added that they are putting pressure to fast track the process which will be solved in a couple of weeks.

Pensioners were being forced to liquidate their funds and then use local currency, while some banks were now taking advantage of the situation.

Following government announcement in June that pensioners and civil servants receive a COVID19 allowance , pensioners are entiltled to USD$30 allowance.

HIT designs chat robot for local authorities

Previous article

Stanbic Unveils Contactless Debit Cards , POS machines

Next article


Leave a reply

Your email address will not be published. Required fields are marked *