Bank charges, interests under scrutiny

By Stanley James

Zimbabwe’s transacting public is expecting banks to come up with incentives that encourage savings in line with the current economic stability.

Encouraging deposits is a challenge for banks, with the transacting public citing poor interest rates and high bank charges as key factors discouraging the culture of savings accounts.

“It is better to keep our money under our pillows because we are not getting any interests on our deposits,” a customer said.

“We used to get some interests on our deposits, but we are no longer getting any,” another said.

Bankers Association of Zimbabwe President, Mr Ralph Watungwa outlined plans to solve challenges being faced by the depositors.

“We are working on a number of measures that will be a sweetener to encourage the people to make the relevant deposits, an announcement shall soon be made for the benefit of all stakeholders,” he said.

While the central bank has noted growth in bank deposits, it however expressed concern over their short term nature.

The monetary authorities have also pledged to restore confidence in banks, which they however revealed are safe and sound for any investments.

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