Banks to issue FCA debit cards for pensioners soon – RBZ

Nostro accounts debit card for posb and cabs customers

Pensioners will be glad to know that the RBZ is working with banks to provide them with foreign currency account (FCA) debit cards. This was revealed by the Governor of RBZ Dr John Mangudya:

It was brought to our attention and we recently met with the CEOs of various banks on the issue and they assured us that pensioners would receive their cards any time from now, as the cards are being imported.

We are putting pressure on them to fast-track the process and we are confident that in a week or two the problem will be rectified.

We also reiterated to the banks that the service will be free and the cost will be borne by the Government, so pensioners will get their money in full. All banks need to do is to send the invoice to us and we pay.

Without debit cards, pensioners are currently being forced to liquidate their US dollars in Nostro FCAs and then use Zimbabwe dollars. But when they get debit cards, they will be able to make purchases with US dollars through ‘swiping’.

As for civil servants, some of them haven’t yet received FCA debit cards even though banks had promised to address the backlog by 31 August.

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