Zimbabwe Moves to Scrap Bank Charges, Cap Withdrawal Fees at 2%
The Government has approved sweeping reforms aimed at reducing the cost of financial services, including the removal and reduction of several bank charges and transaction fees.
The decision, approved by Cabinet, is part of a broader effort to streamline duplicated and overlapping regulatory licences and permits while eliminating unjustified levies across the financial sector.
Also Read: Zimbabwean Government Slashes Bank Charges And Levies
Key Bank Charges Scrapped
Under the new measures, several commonly criticised fees will be eliminated to improve affordability and promote financial inclusion.
Among the charges scrapped are:
- Monthly fees for accounts holding less than US$100
- Charges on transactions below US$5
- Account opening fees
- Cash deposit charges for both US dollar and ZiG accounts
In addition, cash withdrawal fees for both currencies will now be capped at a maximum of 2%, offering relief to consumers who rely on frequent cash access.
Fee Reductions Across Financial Sub-Sectors
Beyond banking, the reforms also target cost reductions across multiple financial services sectors.
Fees will be lowered in:
- Micro-finance institutions
- Insurance and pension services
- Mobile money platforms
- Fintech and capital markets
The move is expected to enhance efficiency, improve access to financial services, and reduce the cost burden on individuals and businesses.
More Changes Expected
Authorities indicated that the review process is ongoing, with further refinements expected before full implementation.
A comprehensive schedule outlining the revised licences, permits, and fees will be officially gazetted once finalised.
The reforms signal a continued push by Government to create a more accessible and competitive financial services environment.
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