Minister Mthuli Ncube urges banks to address high charges amid rising competition

Business Writer
FINANCE, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has revealed that the Government is actively engaging banks over concerns about high market charges.
He emphasised that banks must take note of growing competition from new financial service providers offering lower fees.
Speaking on X on Thursday, Prof Ncube said: “We continue to engage banks to ensure bank charges are not too high. But there is competition in the market from new entrants who have come in with lower charges, and they are eating the banks’ breakfast.
“I think the banks must be more aware of this competition and ensure their charges remain competitive.”
The minister welcomed competition, noting it will play a key role in stabilising bank charges.
In the 2024 Mid-Term Monetary Policy Review Statement released in August, the Reserve Bank of Zimbabwe exempted electronic transactions of less than US$10 or the ZWL equivalent from bank charges.
Additionally, monthly bank maintenance or service charges for accounts with a conservative daily balance of US$100 or below were exempted for Micro, Small, and Medium Enterprises (MSMEs).
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