RBZ Caps Bank Charges, Raises Mobile Money Limits
- Southerton Business Times
- Feb 28
- 2 min read
The Reserve Bank of Zimbabwe (RBZ) has announced major changes to bank charges, placing limits on withdrawal and swipe fees and removing some charges altogether. The move is meant to make banking more affordable and encourage people to use formal financial services.
Presenting the 2026 Monetary Policy Statement, RBZ Governor John Mushayavanhu said banks must implement the new charges by 31 March 2026.
What’s Changing?
Under the new rules:
Cash withdrawal fees at banking halls and ATMs are now capped at 2% of the amount withdrawn, for both US dollars and ZiG.
Point-of-sale (POS) charges are capped at 1.5% of the transaction value for local and international cards. These charges cannot exceed US$20 (or ZiG equivalent) per transaction.
Banks are not allowed to charge a minimum fee on POS transactions.
Account balance inquiry fees have been scrapped on all banking and mobile banking platforms.
Cash deposit fees have been removed.
Charges for issuing or replacing bank cards must not exceed the actual cost of producing the card.
The RBZ also reduced charges on the real-time gross settlement (RTGS) system. Window 1 and 2 transactions will now cost US$0.80 (down from US$0.90), while Window 3 transactions will cost US$1.10 (down from US$1.20), payable in ZiG equivalent.
Why the Changes?
For years, customers have complained about high bank charges. Banks argued that the fees were necessary to remain profitable. However, the central bank says excessive charges are discouraging people and businesses from using formal banking channels.
According to Mushayavanhu, high transaction costs push people away from the banking system, reducing savings and limiting funds available to support economic growth. The RBZ also praised banks for continuing to waive monthly service fees on accounts with balances of US$100 and below, and for not charging fees on small transactions of US$5 and below.
Higher Mobile Money Limits
In another key move, the RBZ increased mobile money and ZIPIT transaction limits from ZiG8 000 to ZiG13 000 per transaction, whether person-to-person or business payments. The monthly limit has been raised to ZiG50 000. The central bank says the increase will promote wider use of ZiG, strengthen digital payments, and improve financial inclusion.
Banks Welcome the Move
The Bankers Association of Zimbabwe has welcomed the new measures. Chief executive officer Fanwell Mutogo said banks support efforts to rebuild customer confidence. He noted, however, that reducing charges alone is not enough. Broader issues, including the intermediated money transfer tax (IMTT), also need to be addressed to restore trust in the banking system fully.
Overall, the changes mark a significant shift in Zimbabwe’s banking sector, with authorities hoping lower costs will bring more people back into the formal financial system.
RBZ bank charges 2026