CBZ suspends local use of Visa cards

CBZ Bank has suspended the local use of Visa cards as a result of foreign currency shortages.

In a statement, CBZ Bank said Visa card services at ATM (automated teller machines), point-of-sale (POS) and Internet payments would only be available outside the country. Said CBZ:

In line with market conditions, CBZ has suspended the use of the Visa card on the local market with effect from January 15, 2017. The Visa card will, however, continue to transact outside Zimbabwe and new limits have been set.

The limits per day are as follows: ATM outside Zimbabwe, $250; POS terminals outside Zimbabwe: $1 000 and internet payments: $500. Other commercial banks such as FBC and MBCA also announced decisions to disable Visa and Master Cards as part of measures to conserve the little foreign currency available in the country. The Reserve Bank of Zimbabwe also capped the amount of money one could take out of the country to $5 000.

More: Chronicle

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