Banking institutions in Zimbabwe have agreed to lower their service charges following discussions with the country’s central bank, Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu announced on Friday. The move is intended to align with national efforts to improve the ease of doing business, according to the governor’s statement.
The announcement was made during a review of the 2024 Monetary Policy Statement. Gov. Mushayavanhu stated that the banks had “voluntarily offered” to reduce their fees.
“We have had a fruitful engagement with the Bankers Association of Zimbabwe,” Mushayavanhu said. “I am pleased to announce that banks have voluntarily agreed to review their bank charges downwards to promote financial inclusion and to support the government’s efforts to improve the ease of doing business.”
Prior to this development, the level of bank charges in Zimbabwe has been a subject of public discussion among consumers and business groups. The specific details of the new fee structures and the timeline for their implementation were not immediately provided in the governor’s announcement. Individual banks are expected to release their revised fee schedules in the near future.
This agreement comes shortly after the introduction of Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), which replaced the Zimbabwe dollar in April. The RBZ has been implementing a series of measures aimed at stabilizing the economy and building confidence in the new currency and the broader financial sector. The reduction in bank charges is presented as part of this wider strategy.
Officials have indicated that lower transaction costs are expected to encourage more citizens to use formal banking channels, thereby promoting financial inclusion and increasing the circulation of the new ZiG currency within the official financial system. The Bankers Association of Zimbabwe has not yet issued a public statement detailing the collective agreement, but individual financial institutions are anticipated to communicate the changes to their customers directly.
