HomeLocal News$50 maximum withdrawal at ZABG

$50 maximum withdrawal at ZABG

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The Zimbabwe Allied Banking Group (ZABG) is reportedly facing serious cash shortages amid revelations the financial institution has restricted withdrawal limits for its clients to a maximum of $50.

Sources say the liquidity crisis started at the beginning of the year and the situation has now reached critical levels.

A client at ZABG Third Street branch in Harare Josh Arenju said the bank had reduced withdrawal limits from $100 early this year, a figure many still felt was too little.

“I have been here since 9am and up to now there is no money. Last month l could not collect my money. When l came to the bank we were allowed to withdraw $50 only,” said Arenju.

Arenju said the crisis was disturbing as it brings back memories of the “Zimdollar era” when banks would offer unrealistically low withdrawal
limits,” said Arenju.

He said the bank was not giving satisfactory explanation on the cash shortages.

Another client, who only identified herself as Mrs Moyo, also expressed frustration.

“We have been here since morning but up to now there is no money. Last month, we faced the same challenge with this bank and if it continues we will have no choice but to switch to other banks ,” said Moyo.

The bank’s spokesperson Theresa Munjoma admitted all was not well at ZABG.

“ZABG is doing all it can to ensure sufficient cash resources are available for its customers at all its branches countrywide. Admittedly there are indeed instances when the bank has had to ration cash withdrawals to accommodate all customers in the banking halls,” she said.

The Zimbabwe Allied Banking Group (ZABG) is reportedly facing serious cash shortages amid revelations the financial institution has restricted withdrawal limits for its clients to a maximum of $50.

Sources say the liquidity crisis started at the beginning of the year and the situation has now reached critical levels.

A client at ZABG Third Street branch in Harare Josh Arenju said the bank had reduced withdrawal limits from $100 early this year, a figure many still felt was too little.

“I have been here since 9am and up to now there is no money. Last month l could not collect my money. When l came to the bank we were allowed to withdraw $50 only,” said Arenju.

Arenju said the crisis was disturbing as it brings back memories of the “Zimdollar era” when banks would offer unrealistically low withdrawal
limits,” said Arenju.

He said the bank was not giving satisfactory explanation on the cash shortages.

Another client, who only identified herself as Mrs Moyo, also expressed frustration.

“We have been here since morning but up to now there is no money. Last month, we faced the same challenge with this bank and if it continues we will have no choice but to switch to other banks ,” said Moyo.

The bank’s spokesperson Theresa Munjoma admitted all was not well at ZABG.

“ZABG is doing all it can to ensure sufficient cash resources are available for its customers at all its branches countrywide. Admittedly there are indeed instances when the bank has had to ration cash withdrawals to accommodate all customers in the banking halls,” she said.

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