Bankers confess to greed

Steward Bank chief executive, Lance Mambondiani, also took to the podium having “seen the light.”

“I share your outrage, it does not make sense that members of the public are charged the extortionate amounts that are charged by some banks, including ourselves. It doesn’t make sense,” he said.

Mambondiani announced that Steward Bank, a subsidiary of mobile operator Econet Wireless, would effective from today reduce RTGS charges by 50 percent.

“What I want to say to my colleague George (Guvamatanga) is you need to put your money where your mouth is,” he said, challenging Barclays Bank to also slash bank charges.

The Steward Bank boss challenged the RBZ to reduce the $2.80 that it charges banks for processing each RTGS transaction.

“Why does the Reserve Bank, that is trying to promote use of plastic money, impose a residual fee of $2.80 as a minimum charge?” Mambondiani queried.

“Bankers need to review their charges in as much as the central bank that is providing that platform needs to review its own charges. We need to make sure that we carry the burden together.”

Infrastructure Development Bank of Zimbabwe chief executive, Thomas Sakala criticised bankers for the high charges, which he said were used to finance perks for executives.

Banks have long argued that investing in the infrastructure required to allow efficient electronic payments will cost money, and have unsuccessfully pleaded with government to share the burden.- The Source

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http://insiderzim.com/zimbabwe-banks-warned-adapt-or-perish-because-of-the-growth-of-mobile-money/

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