The Reserve Bank of Zimbabwe (RBZ) has removed balance inquiry and cash deposit charges in a development that will bring joy and relief to Zimbabwean bank customers.
In the 2026 Monetary Policy Statement, Governor Dr John Mushayavanhu directed all banks and deposit-taking microfinance institutions to implement changes by 31 March 2026. The policy reads:
“Remove account balance inquiry charges on all banking and mobile banking platforms for both ZiG and US$.”
Cash withdrawal charges are now capped at 2% down from 3%, while Point-of-Sale (POS) transactions are limited to 1.5%, with no minimum fees allowed.
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The RBZ also ordered the removal of fees on cash deposits in both ZiG and US dollars, a move expected to deepen financial inclusion and rebuild confidence in the banking sector.
For years, consumers have complained about high transaction costs discouraging formal banking. The central bank now says institutions must “deepen financial intermediation” and align with international best practice.
This comes as inflation stabilises and authorities attempt to consolidate exchange rate stability under the ZiG currency framework.
The changes are expected to encourage more Zimbabweans to transact formally instead of relying on cash-only dealings.
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