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IT’S time for banks in Zimbabwe to realise that their unmitigated greed is hurting their clients and the whole economy.

It is simply unacceptable for banks to charge fees for every single transaction under the sun, from simply holding an account to checking balances and even for making withdrawals.

What makes matters worse is that these fees are not accompanied by any interest. Instead of helping customers grow their savings or invest in businesses, our banks are basically stealing money from their clients with every withdrawal. No wonder most people prefer keeping their money at home.

It is a shame that our banks have lost sight of their core mandate of serving their clients. They have forgotten that the very existence of their institutions depends on the trust and confidence clients have in them. It is therefore unforgivable for these banks to act in ways that are detrimental to the financial well-being of clients.

This is not just a matter of personal finance but of national importance. Our country needs a strong and vibrant banking system to fuel economic growth and development. We cannot afford to have banks acting like money-grabbing parasites that drain the lifeblood out of our communities as they are presently doing.

It is appalling that these same banks can then turn around and report huge profits, while their clients are left with empty pockets. These profits are being realised from the hard-earned money of the very same clients who are being exploited by the banks. This is unacceptable and it must stop.

It is time for the banks to put the interests of their customers first. They need to realise that their own success is intimately tied to the success of their clients. By helping customers grow their savings and develop their businesses, the banks will create a strong and prosperous community that benefits everyone.

The Government must step in and regulate the banks to curb their excessive greed. It is clear that our banks are unable to regulate themselves and the Government intervention must ensure that customers are treated fairly. Such intervention must involve creating policies and regulations that ensure transparency, fairness and hold financial institutions accountable. There should be fair and reasonable bank charges.

Our banks must change their ways and start prioritising the interests of their customers. Charging customers for every little transaction and providing no interest for savings is unacceptable and it is hurting our economy.

The banks must remember that their success depends on the success of their clients and they must start acting accordingly. Our people deserve better and must not continue to be victims of exploitative banking practices.

It is up to the Government to ensure that the banks are held accountable for their actions and that Zimbabweans are not exploited by their own financial institutions.