Outcry over banks

suspension of the use of the Zimbabwe dollar in 2009.
Depositors have been avoiding using the banking system after quintillions worth of the local currency were left in banks, without compensation, during the era.
A number of businesspeople yesterday said the survival of their businesses was under serious threat due to the failure by banks to process RTGS transactions.
They called on the Reserve Bank of Zimbabwe (RBZ) to urgently investigate the banks.
“The situation brings back disturbing memories of what happened in 2009.
“I have contractual obligations to pay my suppliers and employees at fixed dates. It has been three weeks since I used the RTGS system to pay but to date, the money has not come through. My suppliers are adding interest on a daily basis on my purchases while some have threatened to cancel my credit facility with them. Morale is also very low among my employees because they are yet to get their January salaries,” said a businessman from Bulawayo who spoke on condition of anonymity.
He said officials at the bank were not giving him a clear explanation about what was going on.
The owner of a Harare-based company said he heard rumours that the bank was insolvent.
“Either that or they have over-lended against their capital and can therefore no longer pay out money. Another very frustrating thing is that they say they cannot give us reference numbers for our RTGSs. The numbers are the only proof that the transaction has been processed,” said the disgruntled businessman.
The Hwange branch of another commercial bank, on the other hand, has failed to service its customers as depositors have gone for over a week without being able to access their money from the bank.
Account holders at the bank said they have not been able to withdraw their money since the last week of January. They said the bank has given no explanation why this has been so.
“Our salaries have since been deposited into the bank but we have not been able to withdraw them.
“The bank has not communicated the reason why we cannot get our money,” said Mrs Miriam Ngwenya, who has been failing to get money from the bank for the past week.
Speaking on condition of anonymity, one client of the bank said people had not been able to make any withdrawals from the bank since Monday last week.
“People cannot get money from the bank and nothing has been said about what is going on.
“The personnel at the bank are not communicating with us and now we suspect that they want to run away with our money,” he said.
A Hwange Colliery Company worker who also spoke on condition of anonymity said salaries had been deposited and were reflecting on the ATM but no one has been able to make a withdrawal.
“After a week of telling us to come the following day, on Friday, the workers at the bank locked the bank and ran away,” alleged the worker.
Account holders at one building society in the city said of late, the bank had been limiting withdrawal amounts to about $300 a day.
Affected people said the scenario that led to some Zimbabweans becoming paupers overnight due to the Zimdollar debacle, started the same way.
Although comments could not be obtained from most banks yesterday, CBZ issued a press release yesterday saying RTGS transactions were slow because of high value and high volume transactions associated with the end of the year that had spilled into this year.
“The bank further advises its valued clients in particular and the banking public in general, that measures have been put in place to maintain the bank’s normal turnaround times in processing customer payments,” reads the press release.
Central bank governor Gideon Gono recently warned struggling financial institutions that they have until 14 February to meet minimum capital requirements or face closure.
Commercial banks are required to have a prescribed minimum capital of $12,5 million while merchant banks and building societies must have $10 million.
Dr Gono advised under capitalised banks to go into mergers or risk being dealt with “decisively in terms of the Troubled and Insolvent Bank Policy by no later than 31 March 2012”.