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The governor of Zimbabwe\u2019s central bank has urged commercial lenders to reduce their charges following repeated complaints that they are excessive.<\/p>\n
\u201cThe banking sector has come under heavy scrutiny and criticism for high bank charges and fees,\u201d John Mushayavanhu said in a letter dated January 29 to the lenders, which was seen by Bloomberg and authenticated by the central bank. \u201cIn this regard, the banking sector is implored to urgently come up with reduced fees structures and reward savings especially under the prevailing low inflation\u201d environment, he said.<\/p>\n
The letter was in line with the government\u2019s push to make it easier to do business, and the request for banks to reduce high fees followed \u201cperpetual complaints,\u201d Mushayavanhu said in an interview from the capital, Harare, on Thursday. \u201cBanks, through the Bankers Association of Zimbabwe, have submitted proposals which we are currently reviewing.\u201d<\/p>\n
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While Zimbabwe was once synonymous with hyperinflation, price pressures have eased due to tighter monetary policy, restrained fiscal spending and the introduction of the new ZiG currency that\u2019s backed by gold and foreign reserves. The annual inflation rate fell to 4.1% last month from 15% in December.<\/p>\n
The southern African nation has 17 registered commercial banks, including the local units of Standard Bank Group Ltd., and Ecobank Transnational Inc.<\/p>\n
Fanwell Mutogo, the banking association\u2019s chief executive officer, said he was unaware of Mushayavanhu\u2019s circular.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
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