MP Tsvangirayi Accuses Banks Of Exploiting Poor Citizens Through Delayed Reversals And Excessive Fees
Member of Parliament for Norton, Richard Tsvangirayi, has blasted Zimbabwean banks for what he described as exploitative practices that are harming ordinary citizens.
The outspoken legislator, who is also the son of the late opposition icon Morgan Tsvangirai, raised the alarm in a series of strongly worded posts on X on 2 August 2025.
“Many are complaining that banks are operating in a manner that feels exploitative—even criminal,” said Tsvangirayi.
“You make a payment, the transaction is declined, yet the money is still deducted from your account. When you contact the bank for a reversal, they tell you to wait 48 hours. In reality, some people wait weeks to recover their funds.”
‘Economic Violence Against The Most Vulnerable’
Tsvangirayi did not hold back in his criticism of major financial players in Zimbabwe, naming both CBZ Holdings and EcoCash directly.
“Institutions like @CBZHoldings and @EcoCashZW have become notorious for this kind of behaviour,” he wrote.
“What happens when that money was meant for food or rent? It simply means you go hungry for days—or risk losing your shelter.”
He described the situation as “economic violence”, adding that it was more than just poor service—it was a violation of citizens’ rights.
Tsvangirayi also took aim at charges that banks impose on basic services like checking balances.
“Stop charging us to check our own money. Stop deducting funds on failed transactions. End bank exploitation now!” he demanded.
Parliamentary Action Already Underway
The MP highlighted that he had already taken action in Parliament regarding excessive bank charges. He suggested that the problem was systemic and required immediate attention.
“After my motion in Parliament on excessive bank charges, it is clear that the rot runs even deeper. These practices not only burden ordinary citizens financially, but they also erode public trust in our financial system,” he warned.
Tsvangirayi called on regulatory bodies like the Reserve Bank of Zimbabwe to urgently act.
“These banks must be held accountable, and urgent reforms are needed to protect consumers,” he said.
The remarks have sparked debate online, with many users echoing his sentiments. One user commented, “I was charged US$2 (R38) just to reverse a failed airtime purchase. How is that even legal?”
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The post MP Says Zimbabwe’s Banks Are “Out Of Control” And Hurting The Poor Through Delayed Reversals And Excessive Fees appeared first on iHarare News.
