Buhera South Legislator Joseph Chinotimba has accused banks of ripping off customers through the levying of high fees for swiping and transferring cash. Chinotimba directed his question to Minister of Finance Patrick Chinamasa while in the National Assembly. However, Chinotimba seems to have exaggerated in an attempt to bolster claims.
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Thank you Mr. Speaker Sir for giving me this opportunity to direct my question to the Minister of Finance. I asked him yesterday but I want this put on record. Minister, people are being robbed of their money especially the old women who want to live in peace; they are being robbed because we are using plastic money and swipe machines. You will realise that when you buy a loaf of bread using swipe machine for just a $1, the bank charges you $5 for that transaction. That means the cost of bread is $6. If a customer buys a shirt for $20 from a shop…
My question Mr. Speaker Sir is that good practice or it is daylight robbery that when you swipe, the bank charges are so high. When you buy bread for a $1, the bank charges are $5. If you make an RTGS transaction, an amount of $5 is deducted as bank charges, if you withdraw cash, you will also have some deductions made on your account but if you are using cash, there are no deductions. Now does it mean that we are being encouraged to use plastic money so that we may enrich financial institutions? May we please have an explanation to this daylight robbery that is going on to people who use swipe and yet receive such high bank charges?
Chinamasa responded by asking Chinotimba to approach the Reserve Bank of Zimbabwe with proof of his claims so that they can take the appropriate action.