RBZ exempts transactions less than US$10 from bank charges

Senior Business Writer

TO further promote the use of electronic means of payment, the Reserve Bank of Zimbabwe (RBZ) will, effective 1 September 2024, exempt electronic transactions of less than US$10 or the ZiG equivalent from bank charges.
In his Mid-term Monetary Policy review statement released on Friday, he said: “This measure will remove the cost of using electronic means of payments by according such transactions a near-cash characteristic, consistent with the Reserve Bank’s drive towards digital cash.
The Apex Bank boss has also directed that financial institutions that have not aligned their operations with the Bank’s monthly maintenance changes regime must comply with immediate effect.
Added to that, with effect from 1 September 2024, exemption for monthly bank maintenance or service charges for accounts with a conservative daily balance of US$100 or below shall be extended to Micro, Small and Medium Enterprises (MSMEs).
Dr Mushayavanhu said the Central Bank has realised that some banks are still to comply with the bank charge policy.
Banks are obliged not to effect any bank charges of bank accounts with a daily balance US$100 and below.
“The Reserve Bank has noted that most banks have stopped charging monthly bank maintenance or service charges for individual bank accounts with a conservative daily balance of US$100 and below or its equivalent in ZiG for a period of up to 30 days,” said Dr Mushayavanhu.
“The Reserve Bank is calling on the banks that are yet to align their systems to do so immediately.”
Dr Mushayavanhu said the exemption for monthly bank maintenance or service charges for accounts with a conservative daily balance of US$100 or below shall be extended to Micro, Small and Medium Enterprises (MSMEs) with effect from 1 September 2024.