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 (1133 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

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