Reserve Bank of Zimbabwe RBZ internal transfer ban

RBZ makes a U-turn on number of internal transfers per day

The Reserve Bank of Zimbabwe has made a U-turn from the Directive which instructed banks to limit customer's internal transfers to just 2 per day. The removal of the Directive means customers can now do more than 2 internal transfer transactions per day. The Directive was reportedly lifted after the Banker's Association of Zimbabwe intervened … Continue reading RBZ makes a U-turn on number of internal transfers per day

Agribank bank charges loans

Lifting of sanctions raises hope for Agribank customers over Visa cards

Over a week ago, Agribank,along with Infrastructure Development Bank of Zimbabwe, were removed from the US sanctions list. Agribank featured on the infamous list in 2008 after the Office of Foreign Assets Control of the US Treasury (OFAC) found out that the bank was colluding with the then government led by the late Robert Mugabe. … Continue reading Lifting of sanctions raises hope for Agribank customers over Visa cards

US dollars Bond notes Zim dollars

Banks will have to refund depositors their US dollars that were converted to RTGS – Veritas

Almost two weeks ago, Justice Zhou gave a ruling which had far-reaching effects for the banking industry. He ruled that the Reserve Bank of Zimbabwe's Directive which converted US dollars into RTGS balances was illegal and unconstitutional. Should the ruling be upheld in the Supreme Court, renowned legal think tank, Veritas says banks will have … Continue reading Banks will have to refund depositors their US dollars that were converted to RTGS – Veritas

Reserve Babe of Zimbabwe Financial Intelligence Unit

Nowhere to run to for moneychangers as RBZ instructs ZIPIT to reduce transaction limits

The Reserve Bank of Zimbabwe's Financial Intelligence Unit instructed Zimswitch to reviewed downwards transaction limits on its ZIPIT platform. The new limits allows users to transact just a maximum of ZWL$20 000 per day and ZWL$100 000. FIU says this has been done after witnessing the misuse of these limits through the funding of illegal … Continue reading Nowhere to run to for moneychangers as RBZ instructs ZIPIT to reduce transaction limits

FBC bank building

Going Digitial:Steward Bank & FBC to stop accepting paper-based transactions from 1 June

The Digital Age is upon us and FBC Bank and Steward Bank are not getting left behind. Yesterday, the local banks announced that from the 1st of June, next month, they no longer be processing any transactions that involves paper at their branches. Instead, customers will have to take advantage of the banks' digital platforms … Continue reading Going Digitial:Steward Bank & FBC to stop accepting paper-based transactions from 1 June

You got worn-out US dollar notes & they are getting rejected? Here’s where you can sell them

Have you ever had your US dollars rejected because they are dirty or worn out? That's frustrating especially if its the last money on you. The shortage of US dollars in Zimbabwe is causing some notes to quickly get dirty or worn out because they are exchanging hands many times. Some fussy retailers, merchants or … Continue reading You got worn-out US dollar notes & they are getting rejected? Here’s where you can sell them

Online Banking

Access your bank’s services on these digital platforms during the lockdown

From tomorrow onwards it won't be business as usual in Zimbabwe as the lockdown kicks in. The financial services industry is one of the industries that will change how it operates during the 21-day lockdown. But since financial services are critical to the economy, the RBZ governor instructed banks to make sure people continue to … Continue reading Access your bank’s services on these digital platforms during the lockdown