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The Permanent Secretary of Finance, Economic Development, and Investment Promotion, George Guvamatanga, has appealed to banks in Zimbabwe to reduce charges and fees to attract the unbanked population into the formal banking system. Guvamatanga highlighted the issue of low deposits in savings accounts, with the majority of deposits being transitory. The government has been advocating for lower banking fees to encourage the estimated US$2.5 billion circulating outside formal channels to be deposited in banks.
Speaking during a post-budget briefing last Wednesday, Guvamatanga encouraged the banks to initiate moves that attract people to keep their money in banks. <a href="https://www.newsday.co.zw/business/article/200020801/govt-pleads-with-banks-to-lower-charges">NewsDay</a> quotes him as saying:
<blockquote>
Now let me come to an interesting issue of confidence in the banking sector. There is a need for work on government’s part, which we are trying. On the government’s part, what we have realised on the issue of stability, the issue lies in confidence. That is why stability is the overarching issue here.
The issue is on (bank) charges. Banks please. Someone commented that we no longer have banks in this country. When I put money into your account, you pay me later. You make a cash withdrawal, you withdraw $100 000, the bank takes its 2% or 3% commission and sometimes there is no limit. When you walk away from the bank, you walk away with $97 000. So, the question is, are we encouraging the depositors to bank their money?
</blockquote>
Guvamatanga also accused banks of focusing on non-core business activities instead of lending. Guvamatanga pointed out that most banks generate around 60% to 70% of their income from non-funded sources, which is significantly higher than the norm internationally.
He specifically criticized the charges imposed on Visa and Mastercard debit cards used for foreign transactions, referring to them as “robbery.” Guvamatanga called for banks to address these issues before the end of the festive season and urged them to revise their charges to encourage people to deposit their money in banks.
In response to the high bank charges, the Bankers Association of Zimbabwe mentioned various costs that banks face, including operational and capital costs from service providers, license fees, software maintenance costs, and currency repatriation costs. The association also noted that while traditional current/demand accounts incur bank charges, there are other products such as savings accounts that do not incur charges.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Government Appeals To Banks To Reduce Charges And Fees

Metbank has reported a profit of ZWL $8.1 million in the 6 months ended 30 June 2019.
In its financial statements for the period, the bank’s chairman, Darlick Marandure said:
<blockquote>The bank reported a profit after tax of ZWL $8.1 million for the half year period, this being significanlty better performance to the results from previous financial years.
The bank also realised reasonable growth in loans and deposits compared to the previous periods. The bank’s statregy is seeing the unfolding of a solid balance sheet from whic sustainable profits will follow.
The bank is is still on course to achieve the regulatory minimum capital of $100 million by the year 2020, in line with its five-year capitalisation plan. As of 30 June 2019, the bank’s capital was at $67 million…
The bank continues to pursue its five-year startegic plan through focusing on financing property developments, mortgage financing and the traditional commercial banking.</blockquote>

Metbank In $8.1 Million Half Year Profit

CBZ Holdings, one of Zimbabwe’s largest financial institutions has appointed a new chairman to its board. The new chairman, Marc Holtzman, is currently the chairman of the Board of Directors of the Bank of Kigali.
Part of an announcement by CBZ today reads:
<blockquote>
The Board of Directors of CBZ Holdings Limited is pleased to announce the appointment of Marc Holtzman as Chairman of CBZ Holldings Limited Board with effect from 1 September 2019.
Mr. Holtzman is the currrent Chairman of the Board of Directors of the Bank of Kigali, the largest financial institution in Rwanda. He served as a member of the Board of Directors since 2009.
</blockquote>

CBZ Appoints New Chairman, Marc Holtzman

The Standard Chartered Bank in Zimbabwe has increased the fees it charges customers to transact. The bank cites an increase in operating costs.
Here are the new fees:
<table class="tablepress tablepress-id-45" id="tablepress-45">
<thead>
<tr class="row-1">
<th class="column-1">Transaction Type</th><th class="column-2">Current Fees</th><th class="column-3">New Fees</th><th class="column-4">Percentage Increase</th>
</tr>
</thead>
<tbody>
<tr class="row-2">
<td class="column-1">Account Maintenance </td><td class="column-2">$15</td><td class="column-3">$25</td><td class="column-4">66%</td>
</tr>
<tr class="row-3">
<td class="column-1">Zimswitch POS</td><td class="column-2">$0.10 for txns below $10 
$0.45 for txns above $10</td><td class="column-3">$0.19 for txns below $10 
$0.85 for txns above $10</td><td class="column-4">90%</td>
</tr>
<tr class="row-4">
<td class="column-1">EcoCash Bank to Wallet</td><td class="column-2">$1 for txns below $100 
$2 for txns above $100</td><td class="column-3">$1.50 for txns below $100 
$3.00 for txns above $100</td><td class="column-4">50%</td>
</tr>
<tr class="row-5">
<td class="column-1">RTGS (transfer)</td><td class="column-2">$4.95</td><td class="column-3">$10.00</td><td class="column-4">102%</td>
</tr>
<tr class="row-6">
<td class="column-1">Service Fee</td><td class="column-2">$0.60 per txn</td><td class="column-3">$0.99 per txn</td><td class="column-4">65%</td>
</tr>
<tr class="row-7">
<td class="column-1">Outward Telegraphic Transfer</td><td class="column-2">1.55% (Min $30 and Max $160)</td><td class="column-3">2.50% (Min $30 and Max $350)</td><td class="column-4">61%</td>
</tr>
<tr class="row-8">
<td class="column-1">Cash Withdrawal (RTGS and Nostro)</td><td class="column-2">1.25% of Amount</td><td class="column-3">2.25% of Amount</td><td class="column-4">80%</td>
</tr>
<tr class="row-9">
<td class="column-1">ATM (RTGS and Nostro)</td><td class="column-2">1% of Amount</td><td class="column-3">2% of Amount</td><td class="column-4">100%</td>
</tr>
<tr class="row-10">
<td class="column-1">Deposit of Soiled USD Notes</td><td class="column-2">Free</td><td class="column-3">10% of Amount Deposited</td><td class="column-4">RIDICULOUS</td>
</tr>
</tbody>
</table>
Of note is that the bank is now charging a 10% of the amount if one deposits soiled notes.
More: <a href="https://twitter.com/zimlive/status/1112982342149292033">Zimlive</a>, <a href="https://www.techzim.co.zw/2019/04/standard-chartered-bank-increases-fees-now-charging-you-for-depositing-dirty-usd-notes/">Techzim</a>

Standard Chartered Increases Bank Charges

The government has threatened to cancel the operating licenses for retailers and wholesalers that are not banking all their cash from sales. Finance minister Patrick Chinamasa says he was considering a law to criminalize cash hoarding. The law will target business owned by foreigners in sectors reserved fro Zimbabweans such as retail, hairdressing salons among other sectors. Already three businesses have been taken to court not banking cash.
Said Chinamasa before the National Assembly:
<blockquote>We recorded instances where on a daily basis some retailers received $1,5 million cash but only $35,000 is banked. They are hoarding bond notes in order to use the to buy foreign currency at the black market, and we will pass a law that any businessman who does not bank money will have his license withdrawn</blockquote>
Chinamasa also added that the government will not hesitate to craft a law soon that will criminalize businesses refusing plastic money.
More:<a href="http://source.co.zw/2017/04/govt-considers-removing-tax-plastic-money-use-threatens-retailers-cash-shortages/"> Source</a>

Govt threatens to cancel operating licences for businesses that do not bank cash

<a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> governor, Dr <a href="http://www.pindula.co.zw/John_Mangudya">John Mangudya</a> has said that they are looking at introducing new bank charges after a national outcry from depositors.
Bank charges were last revised in June when Dr Mangudya set the maximum real time gross settlement charge at $5 from $10 while automated teller machine charges did not change at $2,50. Electronic funds transfer presently cost a minimum fee of 33 cents and a maximum of $2,10, while a point of sale transaction of up to $10 attracts a charge of 10 cents, and transactions above $10 are charged 45 cents, a reduction from $2,50.
Mangudya said:
<blockquote>Indeed we are working on reducing the bank charges to ensure that banking services are not punitive and that they promote financial inclusion.</blockquote>
More: <a href="http://www.chronicle.co.zw/rbz-acts-on-bank-charges/">Chronicle</a>

RBZ speaks on bank charges

The Reserve Bank of Zimbabwe has banned RTGS transfer by third parties with immediate effect. The move is intended to mitigate against cash dealings that have started in Zimbabwe where people are selling the hard to find USD cash.
Said the RBZ in a notice on 1 November:
<blockquote>With immediate effect, suppliers of goods and services shall not accept RTGS or inter account transfers made by third parties on behalf of their customers. For avoidance of doubt, a supplier or service provider shall only accept payment emanating from the bank account of the customer making the purchase</blockquote>
More: <a href="http://www.chronicle.co.zw/illicit-cash-deals-rbz-bans-third-party-rtgs/" target="_blank">Chronicle</a>

Reserve Bank bans RTGS transfers by third parties with immediate effect

<a href="http://www.pindula.co.zw/Central_Africa_Building_Society" target="_blank">CABS</a>, a subsidiary of <a href="http://www.pindula.co.zw/Central_Africa_Building_Society">Old Mutual Zimbabwe</a>, has invested $3 million on upgrading its branches across the country. Apart from having the largest branch network in Zimbabwe, CABS is also the largest mortgage lender.
<a href="http://www.pindula.co.zw/Simon_Hammond" target="_blank">Simon Hammond</a>, the managing director for CABS told NewsDay that:
<blockquote>Over $3 million has been invested in our rebranding exercise. This exercise will go a long way in improving the branch ambience to enhance customer experience,</blockquote>
CABS is seeking to consolidate its dominance in the banking sector by refurbishing its 56 branches nationwide.
More: <a href="https://www.newsday.co.zw/2016/11/01/cabs-splashes-3m-branches-upgrade/" target="_blank">NewsDay</a>

CABS invests $3 million on refurbishment and rebranding

On Tuesday Speaker of <a href="http://www.pindula.co.zw/Parliament_of_Zimbabwe">Parliament</a>, <a href="http://www.pindula.co.zw/Jacob_Mudenda">Jacob Mudenda</a>, challenged the <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ) to take on Chinese and Indian business people that are violating local banking laws and depriving the system of cash.
While addressing parliamentarians during a pre-budget seminar in Harare, Mudenda said,
<blockquote>Let us address these Indians! Indians! Indians! They are not banking their money. Why not talk to them? The Chinese! Why are we not talking to them? Let us talk to them under general public statement.</blockquote>
He also added that apart from engaging these business people they should also assure them that they will get their money when they need it,
<blockquote>When they bank, assure them that when they want their money they can get their money. Confidence is important.</blockquote>
More: <a href="http://www.newzimbabwe.com/news-31677-Speaker%20Go%20after%20the%20Chinese,%20the%20Indians!/news.aspx">NewZimbabwe.com</a>

Parly Speaker accuses Chinese and Indian business people of not banking their money

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