Senior Clerical Assistant (Administration) – Grade 5

Records Assistant

Assistant Registrar – Faculties (Gweru)

Security Guards (Gweru, Harare, Kwekwe & Zvishavane campuses)

Technical Sales Person/ Aluminium (Harare)

Regional Monitoring, Evaluation & Learning (MEL) Officer (Bulawayo)

Boiler Maker (Harare)

Marketing & Sales Officer (Harare)

Compliance Officer (Harare)

Safety, Health and Environment Officer (Harare)

Business Unit Manager x2 (Harare)

Vehicle Sales Consultant - JAC (Harare)

Vehicle Sales Consultant – DONG FENG (Harare)

Vehicle Sales Consultant – BAIC (Harare)

Spray Painter (Harare)

Motor Vehicle Panel Beater (Harare)

Team Leaders x7

Billing Supervisor (Harare)

Sales Representative (Harare)

Auto Electrician: Artisan (Chipinge)

Sales Representatives (Harare)

Director Human Resource (Mutare)

Assistant Batch Plant Operator (Harare)

Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

The Bankers Association of Zimbabwe (BAZ) has defended current bank charges, saying the fees were being increased by the Treasury’s Intermediated Money Transfer Tax (IMTT).
Local banks have been accused of fleecing depositors through astronomical bank fees coupled with meagre interest rates on deposits.
Even though almost every other industry in Zimbabwe is struggling due to a weak economy, banks have been thriving as a result of the new focus on non-funded income rather than the core business of lending more.
Banks have hiked withdrawal fees to about 3% of the amount being withdrawn from the 1% charged a few months ago.
Depositors are also being charged about 2.5% for withdrawals done on Automated Teller Machines.
The permanent secretary of the Ministry of Finance, Economic Development and Investment Promotion, George Guvamatanga, said that banks should slash their charges and desist from “robbing” depositors.
However, Fanuel Mutogo, the CEO of the Bankers Association of Zimbabwe, told <a href="https://businesstimes.co.zw/banks-fleece-depositors/">Business Times</a> that bank charges reflect IMTT. He said:
<blockquote>
We have competitive charges but the problem is that with this IMTT from the Treasury, the charges going higher and the blame is on banks. We are not responsible for IMTT.
</blockquote>
According to ZIMRA, IMTT is tax-chargeable on financial transactions which happen through transfers such as direct debits, online transfers, mobile money transfers, supplier payments and interbank transfers subject to specified exemptions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Banks Blame Money Transfer Tax For "Exorbitant" Fees

Local banks are reportedly fleecing depositors through high bank fees and exorbitant withdrawal fees of about 3% of the amount being withdrawn from 1% charged a few months ago.
Depositors are also being charged about 2.5% for withdrawals done on Automated Teller Machines.
The government is concerned that this would discourage people from making bank deposits and has warned financial institutions against the practice.
<a href="https://businesstimes.co.zw/banks-fleece-depositors/">Business Times</a> quoted the permanent secretary in the Ministry of Finance, Economic Development and Investment Promotion, George Guvamatanga, as saying:
<blockquote>
Banks please, your charges [are exorbitant]. Someone commented that we no longer have banks in this country but we now have real estate companies masquerading as banks
Banks are collecting rent from customers every month.
[Banks now say], you have an account where you pay me a rental of U$25 every month and or US$20 every month.
When you withdraw US$100 000 for example, there is a 2% -3% commission, and other charges, you walk away from the bank with US$97 000 so the question is are we encouraging depositors to bank their money?
There is always an argument that there are different accounts, there is a deposit account, and savings account but look at ways of encouraging the depositors to have their money in those accounts which do not attract this US$25 or US$15.
</blockquote>
Guvamatanga demanded that banks slash their charges and desist from “robbing” depositors. He said:
<blockquote>
I think the other place where there is almost robbery is with your own Visa and Master cards, those foreign cards.
You deposit your money and you attract a commission for depositing your cash.
I pledge with you to sit down within the remaining two weeks of this year and when you come back in January 2024, whilst still in office so that when you come back your charges should encourage people to put their money into the bank.
Banks are the biggest problem as far as confidence is concerned because they are all focusing on this non-funded income instead of the core business that you lend and you get interest.
I was looking at the financial results [banks], and most are now at 60%/70% non-funded income.
I know they (banks) have restructured their businesses with a 70% non-funded income that’s not achievable anywhere in the world.
It shows that the cost of banking in this country is just too high. It’s something we have not spoken about. I hope banks will look at it and make adjustments.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Urges Banks To Review "Exorbitant" Fees

The government has said it cannot order banks to reduce their charges which have been described by the banking public as astronomical.
Speaking in the National Assembly on Wednesday during a question and answer session, Finance and Economic Development Deputy Minister, Clemence Chiduwa, said more than 84 percent of bank profits come from bank charges.
Chiduwa was responding to Mabvuku-Tafara legislator, James Chidhakwa, who wanted to know the government’s position on high bank charges and fees charged by money transfer agencies. Said Chiduwa:
<blockquote>
The bank charges that are being levied by our financial institutions are very high.
Even if we look at the performance of our banks, above 84% of their profits come from bank charges.
We have engaged the banks and BAZ (Bankers Association of Zimbabwe), and the major reason that they have given us is that most of their solutions are imported.
We have implored BAZ to say, “Let us try to ensure that the solutions that we use in Zimbabwe are local solutions.
At the moment we cannot direct them to reduce the bank charges but what we are saying collectively as BAZ, they need to re-look at their charges so that they are in line with the market.
They need to make sure that they are competitive and seek local solutions, especially for the software they are importing.
</blockquote>
However, Harare East MP, Tendai Biti, contended that the government should put a cap on bank charges and also lower the interest rate, which is currently at 200%, “to allow business to have oxygen.” Said the former Finance Minister:
<blockquote>
Surely, the Ministry of Finance must regulate or cap bank charges. Equally, the interest rate of 200% is too high.
Most people in this august House are farmers and business people. You cannot borrow money at 200%. The interest rate of 200% is choking business.
The interest rate of 200% is unprecedented in the history of economics.
The government must lower the rates of interest to allow business to have oxygen.
High-interest rates of 200% are driving this economy into a recession because business is borrowing.
</blockquote>
| <a href="https://cite.org.zw/we-cannot-direct-banks-to-reduce-charges-govt/">CITE</a>

Govt Says It Cannot Order Banks To Reduce Charges

The Zimbabwe School Examinations Council (ZIMSEC) said that schools will no longer incur bank charges when they remit examination fees to the examinationS body.
ZIMSEC undertook to meet the bank charges and the development has been welcomed by schools.
Previously, some schools incurred bank charges of as much as $200 000 while ZIMSEC received their full share of the money.
In a statement via finance circular Number 5 of 2022 and addressed to Zimsec regional managers, heads of Ordinary and Advanced Level examination centres as well as primary schools heads, ZIMSEC director of finance, Zipora Muzenda said:
<blockquote>
ZIMSEC has considered the issue of bank charges incurred in remitting examination fees for ZIMSEC and is accordingly advising that all bank charges will be borne by ZIMSEC.
The examination fees paid should be less the bank charges incurred and should be supported by the bank statement reflecting the same.
Therefore the amount payable plus the bank charges should tally with the amount payable on the statement of fees and centres should engage their bankers before the transaction is made.
</blockquote>
National Association of Secondary Schools Heads (NASH) president Arthur Maphosa, who is also the Gwanda High School school head, welcomed the move by ZIMSEC.
He said schools were losing a lot of money in bank charges, money that would have gone towards development projects in schools.
More: <a href="https://www.chronicle.co.zw/bank-charges-relief-for-schools-remitting-exam-fees/">Chronicle</a>

ZIMSEC To Pay Bank Charges For Schools Remitting Exam Fees

School heads have pleaded with the Zimbabwe School Examination Council (ZIMSEC) to open a bank account solely for examinations where candidates can directly deposit examination fees.
The president of the National Association of Secondary School Heads (NASH), Arthur Maphosa, who is also Gwanda High School head, said such an initiative by ZIMSEC will save schools from huge bank charges.
Currently, schools administer the registration of candidates and collect registration fees, which they then transfer to the examination body but incur bank charges in the process.
Speaking in Victoria Falls where some school heads were attending a NASH conference, Maphosa said bank charges incurred by schools when transferring examination fees to ZIMSEC leave some of them poorer. Said Maphosa:
<blockquote>
While we appreciate that the registration of candidates is our responsibility, the transmission of money from schools to ZIMSEC has become a serious expenditure on schools.
There is also an urgent need to address this issue as schools are left financially poorer every time they collect these fees on behalf of the examination council.
Schools suffer bank and transport costs for business which does not benefit them and we appeal to the Ministry of Primary and Secondary Education and ZIMSEC to help address this nightmare.
It could be better if those charges could be taken care of by ZIMSEC. The unfortunate scenario is that those expenses are then passed on to the poor parents because schools get forced to review their fees in order to keep operating.
</blockquote>
ZIMSEC spokesperson Nicky Dlamini told CITE that they had engaged the Ministry of Finance and Economic Development for exemption of bank charges but the application was rejected.
<h4>More: <a href="https://cite.org.zw/schools-engage-zimsec-on-exam-fees-bank-charges/">CITE</a></h4>

"ZIMSEC Exam Fees Bank Charges Impoverish Schools"

The Government has agreed to engage banks on behalf of civil servants so that they are exempted from paying account maintenance charges to enable them to get their bonuses in full.
The Government pledged to pay its workers their 2021 bonuses in US dollars but there has been concern among civil servants that their bonuses could be gobbled up as banks recoup account maintenance charges.
In an interview with State media yesterday, Apex Council deputy secretary-general Gibson Mushangu said the Government agreed to engage the banks. Said Mashangu:
<blockquote>
We had a meeting with the Government under the NJNC and we agreed that civil servants will be paid their bonuses from November 30.
The bonus is going to be calculated based on the basic salary, housing allowance and transport allowance.
The money will be paid in the Nostro accounts which have accumulated bank charges since many of them have been dormant.
Government agreed to make arrangements with banks so that they don’t charge us for account maintenance to enable us to get our bonuses in full.
</blockquote>
Civil servants will this year be paid their bonuses in foreign currency up to a maximum of US$700.
Those who are eligible to get more than US$700 will get the balance in Zimbabwe dollars.
Pensioners who were in the civil service will also receive US$100 while spouses are eligible for US$80 and children US$60.
<h4>More: <a href="https://www.chronicle.co.zw/civil-servants-seek-bank-charges-exemption/">Chronicle</a></h4>

Bonuses: Civil Servants Seek Bank Charges Exemption

The high bank charges being levied by financial institutions to depositors are being driven by the cost of imported software, a government official has said.
Finance and Economic Development Deputy Minister Clemence Chiduwa admitted that bank charges were indeed high and the Government has engaged banks over the issue.
Responding to questions in Parliament Wednesday, Chiduwa said feedback from financial institutions was that imported software cost was a major push factor. He said:
<blockquote>Bank charges on transactions that are being levied by our banks are on the upper side. We have engaged our banks and the primary reason they are fighting for high bank charges is because of the software system they are using. Most of the systems they are using are imported.</blockquote>
Chiduwa stressed the need to continue enhancing the availability of foreign currency to reduce the cost of imported software and other accessories.
This comes after concerns have been raised over the high bank charges on transactions, which drive the public from using the formal banking system.
High bank charges also tend to increase demand for cash, as more people choose to avoid costly electronic transactions and account service charges.
<h4>More: <a href="https://www.ebusinessweekly.co.zw/imported-software-blamed-for-high-banking-charges/" rel="noopener" target="_blank">Business Weekly</a></h4>

Imported Software Blamed For High Banking Charges

Finance Minister, Patrick Chinamasa revealed that Government is planning on introducing more  point of sale machines popularly known as swipe machines in a bid to promote the use of plastic money and hopefully reduce long bank queues.
Speaking to The Sunday Mail, Chinamasa said:
<blockquote>Long queues outside the banks are being experienced particularly during month-ends and Government is promoting the use of electronic payments in order to reduce pressure on the demand for physical cash. As at end of year, 325 40 point-of-sale machines and 40 590 agents were deployed across the country in all sectors of the economy. This momentum to grow devices and access points dovetails with the national financial inclusion policy thrust where the planned deployment is expected to reach 100 000 POS’ and 90 000 mobile payment agents by year 2020. It is encouraging to note that, in keeping with the thrust of promoting electronic payments, a number of payment service providers and banks have enhanced deployment of devices and access points. Further, the Reserve Bank reduced the charges for using electronic payment platforms to one percent on the automated teller machines and 1,25 percent withdrawals on the counter</blockquote>
More: <a href="http://www.sundaymail.co.zw/govt-moves-to-end-cash-shortages/">Sunday Mail</a>

Govt to introduce more swipe machines to end long bank queues

The Zimbabwean banking sector had a good year in 2016, recording a net profit of $181.06 million. This was an increase of 42 percent from the previous year’s profit of $127.47 million. This was revealed by <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" target="_blank">Reserve Bank of Zimbabwe</a> governor <a href="http://www.pindula.co.zw/John_Mangudya" target="_blank">John Mangudya</a> yesterday when he presented the <a href="http://www.pindula.co.zw/news/2017/02/15/download-2017-monetary-policy-statement-zimbabwe-pdf/" target="_blank">2017 Monetary Policy Statement.</a>
Said Mangudya:
<blockquote>The banking sector remained profitable during the year ended December 31, 2016, with an aggregate net profit of $181,06 million, an increase of 42,36 percent from $127,47 million reported for the corresponding period in 2015.
The increase translated to improved average return on assets and return on equity from 2.07 percent and 11,03 percent, to 2,26 percent and 12,64 percent, respectively.
The increase in profitability was largely driven by lower loan loss provisions in line with improving asset quality, lower interest expenses as well as continued realignment of cost structures at most institutions.</blockquote>
Last year saw the start of massive cash shortages, a situation which was exploited by some banks, who levied very high rates for withdrawals as well as electronic transfers. <a href="http://www.pindula.co.zw/news/2016/12/12/bank-charges-reduced-1-withdrawal-amount-rbz-directive/" target="_blank"> The RBZ had to step in and direct the banks to charge lower rates after a public outcry</a>.
More: <a href="http://www.chronicle.co.zw/banking-sector-profits-jump-to-181m/" target="_blank">Chronicle</a>

Banks record $181 million net profit in 2016

The following exchange took place in the National Assembly when Buhera South legislator <a href="http://www.pindula.co.zw/Joseph_Chinotimba">Joseph Chinotimba</a> accused banks of robbing people through high bank charges for swiping and transferring money.
<blockquote>HON. CHINOTIMBA: Thank you Mr. Speaker Sir for giving me this opportunity to direct my question to the Minister of Finance.  I asked him yesterday but I want this put on record.  Minister, people are being robbed of their money especially the old women who want to live in peace; they are being robbed because we are using plastic money and swipe machines.  You will realise that when you buy a loaf of bread using swipe machine for just a $1, the bank charges you $5 for that transaction.  That means the cost of bread is $6. If a customer buys a shirt for $20 from a shop…
*THE HON. SPEAKER:  Order, order, Hon. Chinotimba.  May you please go straight to your point?  Do not give narratives, please ask your question.
*HON. CHINOTIMBA:  My question Mr. Speaker Sir is that good practice or it is daylight robbery that when you swipe, the bank charges are so high.  When you buy bread for a $1, the bank charges are $5.  If you make an RTGS transaction, an amount of $5 is deducted as bank charges, if you withdraw cash, you will also have some deductions made on your account but if you are using cash, there are no deductions.  Now does it mean that we are being encouraged to use plastic money so that we may enrich financial institutions?  May we please have an explanation to this daylight robbery that is going on to people who use swipe and yet receive such high bank charges?
*HON. CHINAMASA:  Mr. Speaker Sir, I would like to thank Hon. Chinotimba for asking such a pertinent question regarding financial transactions using swipe machines, whereby an individual who buys a loaf of bread for $1 and the bank charges are $5.  This means the cost of bread is now $6.  My response is, if that is happening in the banks, this is daylight robbery.  I will hold discussions with the Reserve Bank Governor, Dr. Mangudya so that this anomaly is rectified.
My request to Hon. Chinotimba and other affected victims of this daylight robbery, I would like them to submit proof that they bought something for such an amount such as bread and the transaction cost is $5.  On this particular day, I withdrew a certain amount and $10 was deducted.  I am appealing to the people of Zimbabwe, the business people of Zimbabwe and individuals to submit proof to the RBZ Governor and this problem will be resolved.
*HON. CHINOTIMBA:  Mr. Speaker Sir, my supplementary question is, he is the Minister of Finance under whose his ambit the RBZ falls.  Why should he advise me to hold talks with the RBZ Governor yet  my plea is that we have told him of the problem and it is up to him to solve this problem instead of advising me to go to the RBZ Governor.  He, as the Minister of Finance should go and hold meetings with the RBZ Governor to solve this problem.
*HON. CHINAMASA:  Mr. Speaker Sir, I completely agree with the sentiments raised by Hon. Chinotimba.  Before I hold talks with the RBZ Governor, he would have heard this question because this is live broadcast but why I am advising him to approach the Governor is that the Governor will ask for proof because we cannot debate on something that has no proof.  Hence, we need to give him tangible evidence that he can operate on so that we are aware of the particular bank that is conducting this daylight robbery.  We will take remedial measures but if this is generalised, we will not be able to take punitive measures against the bank.</blockquote>

Chinotimba questions Chinamasa on bank charges in the National Assembly

Buhera South Legislator <a href="http://www.pindula.co.zw/Joseph_Chinotimba" target="_blank">Joseph Chinotimba</a> has accused banks of ripping off customers through the levying of high fees for swiping and transferring cash.  Chinotimba directed his question to Minister of Finance <a href="http://www.pindula.co.zw/Patrick_Chinamasa" target="_blank">Patrick Chinamasa</a> while in the National Assembly.   However, Chinotimba seems to have exaggerated in an attempt to bolster claims.
Said Chinotimba:
<blockquote>Thank you Mr. Speaker Sir for giving me this opportunity to direct my question to the Minister of Finance.  I asked him yesterday but I want this put on record.  Minister, people are being robbed of their money especially the old women who want to live in peace; they are being robbed because we are using plastic money and swipe machines.  You will realise that when you buy a loaf of bread using swipe machine for just a $1, the bank charges you $5 for that transaction.  That means the cost of bread is $6. If a customer buys a shirt for $20 from a shop…
My question Mr. Speaker Sir is that good practice or it is daylight robbery that when you swipe, the bank charges are so high.  When you buy bread for a $1, the bank charges are $5.  If you make an RTGS transaction, an amount of $5 is deducted as bank charges, if you withdraw cash, you will also have some deductions made on your account but if you are using cash, there are no deductions.  Now does it mean that we are being encouraged to use plastic money so that we may enrich financial institutions?  May we please have an explanation to this daylight robbery that is going on to people who use swipe and yet receive such high bank charges?</blockquote>
Chinamasa responded by asking Chinotimba to approach the <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" target="_blank">Reserve Bank of Zimbabwe</a>  with proof of his claims so that they can take the appropriate action.
More:  <a href="http://www.pindula.co.zw/news/2017/01/27/chinotimba-questions-chinamasa-bank-charges-national-assembly/#.WIpz1lV95xA" target="_blank">Read the full exchange here</a>

Chinotimba says banks are ripping off people through high charges

Bank charges have now been reduced to 1% for ATM withdrawals and 1.25% for over the counter withdrawals. The new bank charges were announced by the RBZ yesterday.
This follows the circulation of messages on social media complaining of the high bank charges that saw some bank customers charged as much as $3 for withdrawing $50 0ver the counter.
RBZ governor John Mangudya said in a statement yesterday:
<blockquote>In order to align cash withdrawal charges to amount withdrawn, a proportional pricing model has been adopted to replace the current fixed charges. The applicable charges for cash withdrawal is a maximum of 1 percent and 1.25 percent of amount withdrawn from an ATM and over — the counter, respectively as indicated below.</blockquote>
 
More: <a href="http://www.herald.co.zw/rbz-slashes-withdrawal-charges/" target="_blank">The Herald</a>

Bank charges reduced to 1% of withdrawal amount, by RBZ directive

The <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has reportedly slashed bank charges.  This follows an outcry from depositors who felt that banks were fleecing them.  Withdrawal limits had been going down while the charges remained the same, or went up in a few cases.
The new charges are as follows:
<blockquote>1 percent of ATM withdrawal or
1.25 percent of Banking hall withdrawal</blockquote>
This means that a withdrawal of $100 will cost only $1 if drawn from an ATM and $1.25 if drawn from the banking hall.  The new charges will take effect from tomorrow (Monday) onwards.
[UPDATE]
<img alt="" class="alignnone size-full wp-image-6747" decoding="async" height="891" loading="lazy" sizes="(max-width: 720px) 100vw, 720px" src="http://www.pindula.co.zw/news/wp-content/uploads/2016/12/CHARGES.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2016/12/CHARGES.jpg 720w, https://news.pindula.co.zw/wp-content/uploads/2016/12/CHARGES-242x300.jpg 242w, https://news.pindula.co.zw/wp-content/uploads/2016/12/CHARGES-600x743.jpg 600w" width="720"/>
 
More: <a href="http://www.zbc.co.zw/index.php/news-categories/business/71926-rbz-slashes-banks-withdrawal-charges">ZBC NEWS</a>

Reserve Bank slashes bank charges - finally!

Speaking to The Sunday Mail, <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> governor  Dr <a href="http://www.pindula.co.zw/John_Mangudya">John Mangudya</a> said that the central bank is looking into doing away with fixed bank charges for ATM withdrawals. Mangudya said:
<blockquote>Banks are using a model where they charge a fixed fee for withdrawals at US$2,50 from Automated Teller Machines, regardless of how much a client is withdrawing. This has resulted in a mismatch between the cost of individual transactions and the money withdrawn by a customer. What we want is a model where the cost of withdrawal is proportionate to the amount of money that has been withdrawn. We are proposing that we move away from fixed withdrawal charges and move towards progressive charges that allow for financial inclusion.</blockquote>
He also spoke on continued bank queues which many hoped would be a thing of the past after the introduction of bond notes and said that the situation will improve soon when the notes start circulating. He said:
<blockquote>Queues at banks will start subsiding when notes begin revolving in the economy. When people and businesses begin banking their money, we will return to a situation of general equilibrium. It is a continuous process and one that we are monitoring closely. We will be publicising a report on the impact of the bond notes in two to three weeks’ time.</blockquote>
More: <a href="http://www.sundaymail.co.zw/mangudya-cracks-whip-on-banks/">Sunday Mail</a>

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