Banks Urged To Be Business Friendly And To Ditch Stringent Account Opening Requirements

Banks in the country have been urged to change their approach and to be more friendly to business in line with President Emmerson Mnangagwa’s call that Zimbabwe is open for business. This comes after members of parliament (MPs) complained that they were facing difficulties in opening bank accounts for their Constituency Development Funds (CDF). Some said that the process was taking at least two weeks as they had to meet so many requirements. Said speaker of parliament, Jacob Mudenda,

Our institutions, including banks, need to have a change of mindset. When His Excellency the President says there is need to open the country for business, what the banks are doing is a contradiction with what the President is saying.

The culture of business by these institutions are still colonial. I can only say I will talk to the Reserve Bank of Zimbabwe (Dr Godwin Mangudya) and Bankers Association of Zimbabwe president.

These sentiments were echoed by Mabvuku/Tafara MP James Maridadi who said:

There is no single MP here who has opened a bank account in not less than five days.It is one area that the Minister of Finance (Patrick Chinamasa) must attend to.

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