$4bn remains unbanked: A study into Zimbabwe’s financial industry shows that more than $4 billion remain unbanked as financial institutions fail to restore depositor confidence. The study released to bankers this week shows that high bank charges have resulted in households and firms shunning savings. Bankers Association of Zimbabwe (BAZ) president, George Guvamatanga told the ZBC News that while restoring depositors’ confidence is a challenge, the financial industry is committed to the growth of deposits. “We know it is a challenge and we are working to ensure that something is done for the benefit of depositors,” said Guvamatanga. Local banks and the Reserve Bank of Zimbabwe earlier this year signed a memorandum of understanding aimed at reducing bank charges and lending rates in line with the stable inflation conditions. However, observers are worried over the slow pace at which banks are implementing the agreed policies.
Posted on: Wed, 10 Jul 2013 13:42:45 +0000
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