Data provided by iNet BFA
Loading...
See More

Zim to launch low cost bank account

Dec 07 2012 13:59 Malcom Sharara, Fin24's correspondent in Zimbabwe

Related Articles

Zim laws: Minimal impact for SA banks

Metallon Gold risks losing Zim licence

BAT denies espionage allegations

Zim fine-tuning BEE policy

Zim shakes diamond monitors

AirZim to resume Bulawayo/Jo'burg route

 
Harare - Zimbabwean banks are set to introduce new accounts targeted for low income earners in line with statements made by the ministry of finance that it will come down hard on banks with regards to bank charges and lending rates.
 
In his 2013 budget speech, Finance Minister Tendai Biti said the Central Bank and the Bankers Association of Zimbabwe will sit together and craft a memorandum of understanding on the manner in which the lending rates will be defined.
 
In this regard the banks have proposed a new low-cost bank account to be rolled out to low income earners in a bid to drive financial inclusion and lower the cost of banking.

Details of the “new account” called Zimtransact are contained in a memorandum of understanding seen by Fin24.

The MOU is between participating banks through the Bankers Association of Zimbabwe, the ministry of finance and the Reserve Bank of Zimbabwe.

The Zimtransact account will have a free ATM card while ATM withdrawals will also be free.

Point of sale transactions at retail outlets will attract a US10 cents fee while withdrawals from the branches would attract normal bank charges.
 
Deposits made into the Zimtransact account would be capped at $300 per month to curb potential abuse by high income earners.  The account will attract a maintenance fee of $3.

According to the MOU, the savings account will attract a 2% interest rate per annum provided such funds are in line with each individual bank’s minimum balance requirements.

Zimbabwean banks normally charge 1% for withdrawals while bank maintenance fees are around $10 per month.
reserve bank of zimbabwe  |  zimbabwe  |  banks
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...