By Patience Gondo
THE Reserve Bank of Zimbabwe (RBZ) has removed charges for account balance inquiries and cash deposits across banks and mobile money platforms, while capping withdrawal and Point of Sale (POS) transaction fees, as part of its 2026 Monetary Policy measures announced on Friday.
RBZ Governor John Mushayavanhu said the reforms are aimed at reducing banking transaction costs, promoting formal financial services and strengthening confidence in the domestic currency.
Under the new structure, Mushayavanhu said cash withdrawal charges at banking halls and Automated Teller Machines (ATMs) are now capped at 2% of the withdrawn amount for both the United States dollar and the Zimbabwe Gold (ZiG) currency.
He also said POS transaction charges have been reduced to a maximum of 1.5% of the transaction value, capped at US$20 or the ZiG equivalent. Financial institutions are no longer allowed to impose minimum charges on POS transactions.
Banks and deposit taking microfinance institutions have also been directed to remove all fees on cash deposits and account balance inquiries for both USD and ZiG accounts.
“All financial institutions must implement the new fee structure by 31 March 2026,” said Mushayavanhu.
He said the measures form part of broader efforts to stabilise the financial sector and deepen trust in the domestic currency.
During the same policy presentation, he also launched the BiG5 upgraded ZiG banknote series, designed to enhance domestic currency usage and support price and exchange rate stability.
Meanwhile, several banks have begun aligning with the policy direction.
Stanbic Bank Zimbabwe has introduced a PureSave account with zero bank charges to encourage savings.
FBC Bank is offering a USD Secure Save Account, an interest-earning product structured to shield balances from bank charges.
BancABC Zimbabwe has also maintained zero charges on internal and own account transfers via its mobile and internet banking platforms.