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 (809 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

Zimbabwean family leaves Bangkok after living at airport for 3 months

by Staff reporter | 23 January 2018 | 118 Views

Law maker on the run

by Simbarashe Sithole | 23 January 2018 | 123 Views

Sekeramayi preaches peace as he praises Mnangagwa

by Stephen Jakes | 23 January 2018 | 137 Views

MDC hypocrisy exposed

by Prosperity Mzila | 23 January 2018 | 99 Views

King Nadolo in a fix

by Staff reporter | 23 January 2018 | 74 Views

Trevor Dongo bashed again

by Staff reporter | 23 January 2018 | 63 Views

Olinda's dirty tricks!

by Staff reporter | 23 January 2018 | 78 Views

Dembare star still toothless

by Staff reporter | 23 January 2018 | 62 Views

Unrealistic expectations on the first hundred days of the president

by Dr Masimba Mavaza | 23 January 2018 | 124 Views

The tragedy of littering

by Clive Chiridza | 23 January 2018 | 79 Views

The Future of Gambling in Southern Africa

by Staff Reporter | 23 January 2018 | 64 Views

How's Zimbabwe's gaming scene compared to USA gaming scene?

by Staff Reporter | 23 January 2018 | 62 Views

Confusion as Zimbabwe promises review of elephant exports amidst global condemnation

by Adam Cruise and Christina Russo | 23 January 2018 | 69 Views

Financial scandal rocks Zimbabwe police

by Staff reporter | 23 January 2018 | 128 Views

Zesa workers demand 75% salary raise

by Staff reporter | 23 January 2018 | 110 Views

Duty on fuel reduced

by Staff reporter | 23 January 2018 | 100 Views

Chivayo deals: Heads to roll at Zesa

by Staff reporter | 23 January 2018 | 102 Views

Queen seeking to reconcile Britain with Zimbabwe

by Staff reporter | 23 January 2018 | 148 Views

Cop acquitted of Charamba insult

by Staff reporter | 23 January 2018 | 105 Views

Man loses $100,000 cash to robbers

by Staff reporter | 23 January 2018 | 120 Views

Chiefs' cars not vote-buying

by Nick Mangwana | 23 January 2018 | 81 Views

Zesa insolvent, expects increased loss

by Staff reporter | 23 January 2018 | 64 Views

2 new opposition parties unveiled

by Staff reporter | 23 January 2018 | 114 Views

No electric train for Bulawayo, but Mutare-Harare on cards

by Staff reporter | 23 January 2018 | 91 Views

Mnangagwa to name Zanu-PF's elections directorate

by Staff reporter | 23 January 2018 | 87 Views

Mzembi, Undenge back in court

by Staff reporter | 23 January 2018 | 65 Views

Merlin readies to resume production

by Staff reporter | 23 January 2018 | 93 Views

New war vets association on the cards

by Staff reporter | 23 January 2018 | 84 Views

Bus war kidnap drama

by Staff reporter | 23 January 2018 | 84 Views

D-day for Maphepha

by Staff reporter | 23 January 2018 | 77 Views

Charamba denies clips on social media

by Staff reporter | 23 January 2018 | 107 Views

Headmaster collapses, dies

by Staff reporter | 23 January 2018 | 214 Views

Scramble to meet Mnangagwa at World Economic Forum?

by Staff reporter | 23 January 2018 | 129 Views

'Zisco debt must be audited'

by Staff reporter | 23 January 2018 | 71 Views

Beitbridge border post ceiling collapses

by Staff reporter | 23 January 2018 | 43 Views

Heads to roll at Zesa

by Staff reporter | 23 January 2018 | 53 Views

Bulawayo Bomber to face Knife

by Staff reporter | 23 January 2018 | 92 Views

Midget poses as goblin

by Staff reporter | 23 January 2018 | 39 Views