THE Reserve Bank of Zimbabwe (RBZ) has reined in bank charges, setting a 2% ceiling on cash withdrawal fees and a 1,5% cap on point-of- sale (POS) charges, while scrapping account balance inquiry fees, in measures aimed at cutting banking costs.
This comes after years of depositors complaining of extremely high bank charges, with bankers defending the exorbitant amounts as crucial to staying profitable.
Speaking during the presentation of the 2026 Monetary Policy Statement (MPS) yesterday, RBZ governor John Mushayavanhu said the central bank had taken the decision in response to calls from businesses.
“All banking institutions and deposit-taking microfinance institutions (DTMFis) are directed to implement the following adjustments by March 31, 2026: i. Reduce cash withdrawal charges for both banking halls and automated teller machines (ATMs) to a maximum of 2% of the withdrawn amount for US$ and ZiG cash withdrawals,” he said.
“ii. Reduce the point-of-sale (POS) charges to a maximum of 1,5% of the transaction amount for both local and international cards, capped at US$20 or the ZiG equivalent. No minimum charge shall be levied on any POS transaction and institutions are expressly prohibited from imposing a minimum fee.
“iii. Remove account balance inquiry charges on all banking and mobile banking platforms for both ZiG and US$; iv. Remove fees on cash deposits for both ZiG and US$; v. Fees for issuance of new, and replacement of, bank cards shall not exceed cost recovery levels.”
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The central bank also reduced real-time gross settlement (RTGS) system charges to US$0,80, from US$0,90, payable in ZiG equivalent for Window 1 and 2 transactions, and US$1,10 from US$1,20 for Window 3.
“The Reserve Bank applauds banks for exempting the banking public from monthly service fees for accounts with a balance of US$100 and below or the ZiG equivalent and for waiving charges on transactions of US$5 and below or the ZiG equivalent,” Mushayavanhu said.
“These requirements remain in force, and banking institutions and deposit-taking microfinance institutions are required to comply.
“The Reserve Bank has, however, continued to receive complaints from the banking public regarding the high cost of doing banking business.”
He continued: “Such high transactional charges discourage economic agents from using formal banking channels, leading to financial disintermediation and a low pool of domestic savings necessary to support the productive sectors of the economy.”
The RBZ has also raised mobile money and ZIPIT transactional limits to ZiG13 000 per transaction from ZiG8 000, from person to person or business, with a cap of ZiG50 000 per month.
“The upward adjustment is intended to further promote the wider usage of ZiG, strengthen Zimbabwe's digital payments ecosystem, and enhance the competitiveness and convenience of ZiG denominated transactions across the economy,” Mushayavanhu said.
“The upward revision of limits is also designed to support increased transactional efficiency, deepen financial inclusion, and facilitate seamless retail payments in a growing digital economy.”
Responding to the changes, Bankers Association of Zimbabwe chief executive officer Fanwell Mutogo told NewsDay Weekender that the banks welcomed the policy measures.
“For us, we are happy because we want our customers to come back and for confidence to build,” he said.
“It is not all about charges. Building confidence requires all stakeholders, including the authorities.
“Issues such as IMTT [intermediated money transfer tax] also come into play, so we need a holistic approach. But we have done our part as banks.”