Cabinet slashes bank fees to boost trust

Cabinet slashes bank fees across the board to pull more Zimbabweans into formal finance and kill off sneaky charges.

Zhemu Soda briefing

• Information Minister Zhemu Soda announced the sweeping reforms.
• Cabinet greenlit cuts to duplicated licences and permits.
• Unnecessary levies get axed while high ones drop sharply.
• Moves target hidden costs that scared off small users.

Fee reductions

• Monthly maintenance vanishes for accounts under 100 dollars.
• Transactions below 5 dollars see lowered charges.
• Cash deposits become free in both US dollars and ZiG accounts.
• Withdrawal fees face a strict 2 percent ceiling.