Under the new charges, electronic funds transfer (ZIPIT) will now cost between 33 cents and US$2,10; RTGS transfers have been reduced to $5 from a $10 charge, ATM withdrawals will now cost a maximum of $2.50; Point-of-sale (POS) transactions of up to $10 will cost 10 cents while a POS transaction above $10 will cost 45 cents at the most.
POS user charges have also been scrapped and merchant service commissions will not exceed 1% for local transactions.Monthly administration charges will be capped at $5 for individuals.
The long awaited fees reduction is expected to increase the use of electronic banking services as the country deals with a cash shortage which has been exacerbated by Zimbabweans refusal to take up cash alternatives that have always been too expensive.
TechZim