Banks benefiting from cash crisis
EDITOR — It is interesting to note that since the beginning of the cash crisis, banks have put a big smile on their faces, while the public is suffering.
If every withdrawal of $100 carries a fee of $4, it means for a person to access $1 000 they would have to pay $40.
When a person withdraws $1 000 for the same withdrawal fee, it means the public have to fork out more than before.
The Reserve Bank Governor did not look into this factor when cash shortages started. He has encouraged people to use plastic money. This, however, comes with punitive costs to the bearer because there was no thought of slashing the charges so that it encourages people to trade electronically.
People have been made to bankroll activities of the financial service sector in a way that is tantamount to fraud because all these factors were never explained to the public.
And the other issue is that the rural populace was never factored in when they encouraged people to use plastic money.
Such facilities are not at the disposal of rural people, hence they are prejudiced when they carry out their daily transactions.
Cash withdrawals by low level employees have left them carrying huge costs of Point of Sale transactions and cash withdrawal charges.
It doesn’t matter if it is 20 cents per transaction because that small amount should have benefited them in buying their child a ballpoint pen.
Banks appear to sympathise with the people yet they are not.
Productive time is being lost by people spending hours queuing for their paltry salaries.
Why should the public be made to meet POS costs? Why can’t the RBZ absorb such costs?
At the end of the day it is the banks that see their profits surging because they are benefiting from the cash shortages. Chipochedenga Bewu, Via email