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 (945 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

Zanu-PF, MDC-T refuses to commit to gender equality

by Staff reporter | 22 April 2018 | 68 Views

Mukanya, Tuku collabo on cards

by Staff reporter | 22 April 2018 | 58 Views

LIVE: Highlanders vs Shabanie

by Staff reporter | 22 April 2018 | 63 Views

LIVE: Caps United versus Dynamos

by Staff reporter | 22 April 2018 | 79 Views

Fired nurses reapply

by Staff reporter | 22 April 2018 | 72 Views

Mr Chamisa, What Do You Stand For?

by Charles, Harare (student) | 22 April 2018 | 43 Views

Our government will prioritise rural development - Chamisa

by Fanuel Chinowaita | 22 April 2018 | 126 Views

Chipinge youths endorse Chamisa

by Fanuel Chinowaita | 22 April 2018 | 110 Views

Economy over politics, says Mnangagwa

by Staff Reporter | 22 April 2018 | 96 Views

'Thokozani Khupe, why bed an unrepentant tribalist?'

by Angela Takawira | 22 April 2018 | 120 Views

Man (30) kills drinking mate over puppy

by Simbarashe Sithole | 22 April 2018 | 75 Views

2018 polls: It's game on

by Staff rpeorter | 22 April 2018 | 60 Views

MDC-T hand behind nurses strike

by Staff rpeorter | 22 April 2018 | 67 Views

Mukanya has no intentions of dying in a foreign land

by staff rpeorter | 22 April 2018 | 56 Views

'Nedbank can help Zim economy'

by Staff reporter | 22 April 2018 | 65 Views

Diamond giant wants Zimbabwe gems

by Staff reporter | 22 April 2018 | 55 Views

Zimbabwe angling for $213bn diamond sub-sector

by Staff reporter | 22 April 2018 | 54 Views

Big welcome for Mukanya

by Staff rpeorter | 22 April 2018 | 64 Views

Mnangagwa doing things differently

by Staff reporter | 22 April 2018 | 58 Views

Sibusiso Moyo rallies nation, Diaspora

by Staff reporter | 22 April 2018 | 54 Views

Big Charlie needs your help

by Staff reporter | 22 April 2018 | 58 Views

Makamba plotting a smear campaign against Supa Mandiwanzira?

by Staff reporter | 22 April 2018 | 68 Views

470 000 houses to be constructed

by Staff reporter | 22 April 2018 | 51 Views

Zanu-PF, MDC-T receive $9m

by Staff reporter | 22 April 2018 | 76 Views

Dismissed nurses panic, end strike

by Staff reporter | 22 April 2018 | 37 Views

Bosso stalk elusive Shabanie

by Staff reporter | 22 April 2018 | 60 Views

SA firm applies for $200m Nkayi Road construction

by Staff reporter | 22 April 2018 | 27 Views

Bulawayo Chiefs shock FC Platinum

by Staff reporter | 22 April 2018 | 54 Views

Mnangagwa meets Russians

by Staff reporter | 22 April 2018 | 32 Views

Ex-bodyguard bares all on Nikita Mangena

by Staff rpeorter | 22 April 2018 | 82 Views

ZITF kicks off

by Staff reporter | 22 April 2018 | 28 Views

MDC-T congress endorses Dr Khupe

by Staff reporter | 22 April 2018 | 38 Views

Why Tuku may be more loved than Mapfumo

by Staff rpeorter | 22 April 2018 | 56 Views

WATCH: Triangle late comeback stuns Bulawayo City

by Staff rpeorter | 22 April 2018 | 57 Views

Omega Sibanda, Chiyangwa in Zanu-PF primaries

by Staff reporter | 22 April 2018 | 34 Views

Hlalani Kuhle project to be completed in 16 years

by Staff reporter | 22 April 2018 | 31 Views