New Zimbabwe banking law to lower charges

A NEW banking law is expected to benchmark service charges with regional standards amid concerns that financial institutions are profiteering through exorbitant charges, a senior government minister has said.

Report by Business Reporter

The law is still at its drafting stage and seeks to amend the Banking Act.

Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere on Wednesday told delegates attending a Dutch embassy-organised forum focusing on the role of government’s role in protecting and furthering Internet freedom that the new law would also seek to lower service charges for the fast-growing mobile money services.

Already the Reserve Bank of Zimbabwe and the Bankers’ Association of Zimbabwe have signed a memorandum of understanding to lower charges.

“Government is looking at how to reduce the cost of carrying out business in the financial services sector as well as mobile banking services,” Kasukuwere said.

The proposed legislation, if passed into law, could have a knock-on effect on mobile phone operator Econet Zimbabwe, which took over TN Bank. Econet, through EcoCash, a mobile banking service with two million subscribers, has managed to significantly grow the bank’s revenue anchored by the platform.

Since the adoption of multiple currencies in 2009, several banks have formulated mobile banking services in a bid to improve financial inclusion as well as confidence in the banking sector.

Mobile banking and money transfer services that have been launched include: Kingdom Bank’s Cellcard, Tetrad’s eMali, Econet Wireless’ Ecocash; CABS Bank’s Textacash, Interfin Bank’s Cybercash and CBZ Bank’s mobile banking, among others.

10 Responses to New Zimbabwe banking law to lower charges

  1. anonymous May 24, 2013 at 7:45 am #

    the best for our economy is what Dim needs

    • kedo May 24, 2013 at 8:19 am #

      Don’t waste your time talking politics. See how a Zimbabwean poor woman became a millionaire just by buying and selling accidented cars, Very interesting idea. Go to (ACCIDENTEDCARS.COM) to see the various methods and companies she was using (ACCIDENTEDCARS.COM). A very simple idea but very realistic. WAKE UP AFRICANS.

      • Dhlams May 25, 2013 at 7:29 am #

        Hw do u do it is it not expensive

    • kedo May 25, 2013 at 9:30 am #

      Don’t waste your time talking politics when others are enjoying life with money. See how a Zimbabwean poor woman became a millionaire just by buying and selling accidented cars, Very interesting idea. Go to (ACCIDENTEDCARS.COM) to see the various methods and companies she was using to do that (ACCIDENTEDCARS.COM). A very simple idea but very realistic. WAKE UP AFRICANS.

  2. Black Crow May 24, 2013 at 8:21 am #

    banks are managed by thugs and to further complicate the situation kasukuwere is leading another set of thugs who want to forcibly take over banks in the name of indigenisation. he has a history of leading a failed bank but he still talks about taking over banks. for what? to run them down?

    can someone please put this puppy on a leash!!!!!!

  3. Zimbabwe Needs This May 24, 2013 at 9:45 am #

    Now something for the consumer, thank you all

  4. welcome May 24, 2013 at 1:13 pm #

    play the wait&c gam.

  5. watching May 24, 2013 at 1:52 pm #

    kasukuwere is not educated enough to run a tuckshop . he failed as a banker .

  6. kedo May 25, 2013 at 9:30 am #

    U Don’t waste your time talking politics when others are enjoying life with money. See how a Zimbabwean poor woman became a millionaire just by buying and selling accidented cars, Very interesting idea. Go to (ACCIDENTEDCARS.COM) to see the various methods and companies she was using to do that (ACCIDENTEDCARS.COM). A very simple idea but very realistic. WAKE UP AFRICANS.

  7. Baba laquisha May 25, 2013 at 11:18 am #

    Kedo getaway mhani

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