One of Zimbabwe’s multinational banks, Standard Chartered has just sent an email to customers announcing they will be increasing fees for various services again.
Zimbabwean Banks which can no longer make money the traditional way, have for the past 10 years or so resorted to levying various charges on account holders.
The New charges
| Transaction Description | Old Fees | New Fees |
|---|---|---|
| Maintenance Fee FCAs | ZWL 25/month | ZWL 45/month |
| Service Fee Per Transaction | ZWL 0.99 | ZWL 1.99 |
| Error handling fee | ZWL 10 | ZWL 50 |
| Visa Gold Card (initial issue and replacement) | ZWL 25 | ZWL 75 |
| Local POS Fee (Zimswitch) | 0.5% min ZWL 0.50 | 0.5% ZWL 0.99 |
| Local POS Balance Enquiry (Zimswitch) | ZWL 0.08 | ZWL 0.80 |
NB All charges pertain to Personal banking.
New Mobile Banking Charges
| Mobile Banking Pricing | Current Charge in ZWL | New Charge in ZWL |
|---|---|---|
| Balance Enquiry | 0.08 | 0.80 |
| Mini Statement | 0.24 | 1.00 |
| Statement Request | 0.10 | 1.00 |
| Cheque Book Request | 0.10 | 1.00 |
| Bill Payment | 3.00 | 5.00 |
| Funds Transfer | 3.00 | 5.00 |
| ZIPIT Send | 4.00 | 5.00 |
| ZIPIT Recall by customer e.g. if you send to the wrong person |
Some of the banking fees have been increased by a shocking 1000%, a development that is likely to further erode the stagnant workers’ salaries.
Largest mobile phone-based money transfer, financing and microfinancing service Ecocash, also reviewed their charges two weeks ago. This was a direct response to the Finance Minister’s 2%. Other banks have also quietly hiked their service charges without even bothering to tell their customers.
This happens when fears abound over the possibility that prices of commodities will go up especially given the recent depreciation of the Zimdollar against other currencies.
Meanwhile, the government and civil servants are negotiating a pay hike which might cushion workers from this service charge hike but most other workers will be left exposed.
More: Zim Price Check
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