CBZ introduces $2 monthly service fee for low cost bank account

CBZ introduces $2 monthly service fee for low cost bank account
Published: 10 November 2017 (1188 Views)
CBZ Holdings is set to introduce a $2 monthly service fee for its low cost bank account Smartcash effective December.

Smartcash account, launched in 2015, requires $5 to open and attracted no monthly service fee and minimum balance.

"Dear Customer-Please note that effective 01/12/2017 the monthly account service fee for Smartcash will be US$2," said CBZ via SMS to its valued customers yesterday.

As of March, 2017, a total of 170 000 Smartcash accounts had been opened. This translates to a revenue of $340 000 per month when the $2 monthly service fee becomes effective.

CBZ seeks to increase its revenue streams after posting a meagre profit after tax increase of $12 million for the half year ended June 30 2017 from 11, 9 million for the comparable period.

Zimbabwe is bedevilled by a faltering economy that has seen the masses living under abject poverty.
Low cost bank accounts have become popular for the low-income earners and the unbanked.

- Takudzwa Chiwara

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Mnangagwa talks up mega deals

by Staff reporter | 17 January 2019 | 96 Views

Mnangagwa says no justification for violence

by Staff reporter | 17 January 2019 | 89 Views

#ZimbabweShutDown organisers to pay for damages, says Govt

by Staff reporter | 17 January 2019 | 126 Views

SA backs new Zimbabwe currency

by Staff reporter | 17 January 2019 | 114 Views

Mnangagwa assures foreign investors

by Staff reporter | 17 January 2019 | 70 Views

Doctors in Zimbabwe train for seven years

by Staff reporter | 17 January 2019 | 60 Views

Chamisa unleashes touts to punish supporters

by Staff reporter | 17 January 2019 | 67 Views

Jonathan Moyo shamed for peddling falsehoods

by Staff reporter | 17 January 2019 | 60 Views

60 more in court for public violence

by Staff reporter | 17 January 2019 | 53 Views

WATCH: She's on fire, SA woman shads a tear for Zimbabwe

by Staff Reporter | 17 January 2019 | 32 Views

CAF boss dumps Chiyangwa?

by Staff reporter | 17 January 2019 | 60 Views

Mnangagwa to probe NGOs inciting violence

by Staff reporter | 17 January 2019 | 49 Views

The evil hand of civil society, MDC-Alliance

by Panganai Kahuni | 17 January 2019 | 64 Views

Zanu-PF youths lead 'operation restore sanity'

by Staff reporter | 17 January 2019 | 55 Views

Fugitive prisoner arrested

by Staff reporter | 17 January 2019 | 53 Views

Former Zanu-PF MP freed on bail

by Staff reporter | 17 January 2019 | 58 Views

Man fatally assaults sister's lover

by Staff reporter | 17 January 2019 | 53 Views

Residents call for Zupco return

by Staff reporter | 17 January 2019 | 55 Views

Calm returns to Midlands

by Staff reporter | 17 January 2019 | 25 Views

Violent protests rock Mutare

by Staff reporter | 17 January 2019 | 24 Views

Stop using children to push political agenda

by Staff reporter | 17 January 2019 | 60 Views

End Zimbabwe sanctions, says Tito Mboweni

by Staff reporter | 17 January 2019 | 26 Views

'Violence won't revive Zimbabwe economy'

by Staff reporter | 17 January 2019 | 27 Views

Zifa nullifies reshuffling of the Warriors technical team

by Staff reporter | 17 January 2019 | 25 Views

Zimbabwe an investment destination, claims Mnangagwa

by Staff reporter | 17 January 2019 | 27 Views

#ZimbabweShutDown costs economy $300m

by Staff reporter | 17 January 2019 | 27 Views

25 Bulawayo violence ‘hooligans’ appear in court

by Staff reporter | 17 January 2019 | 32 Views

Bulawayo loses property worth millions to violent protests

by Staff reporter | 17 January 2019 | 29 Views

Mnangagwa arrives in Belarus

by Staff reporter | 17 January 2019 | 30 Views

Man loses car while drinking beer

by Staff reporter | 17 January 2019 | 34 Views

Chamisa's terrorist acts won't work

by Nduduzo Tshuma | 17 January 2019 | 52 Views

Chicken Inn couple lobola ceremony date set

by Staff reporter | 17 January 2019 | 29 Views

'Mnangagwa won't stampede into dialogue with Chamisa'

by Staff reporter | 17 January 2019 | 50 Views

MDC-Alliance MPs arrested over Gweru violence

by Staff reporter | 17 January 2019 | 37 Views

Government orders workers back to work

by Staff reporter | 17 January 2019 | 25 Views

Met Office warns of heavy rains

by Staff reporter | 17 January 2019 | 30 Views

Zimra in talks with workers representatives

by Staff reporter | 17 January 2019 | 34 Views