CBZ suspends local Visa transactions

HARARE - Zimbabwe's largest financial services group by assets, CBZ Holdings (CBZ), has, with effect from January 15, suspended the use of the Visa card on the local market.

In a statement released to depositors yesterday, the financial institution also announced new limits for international transactions, pointing out that the Visa card would continue to work internationally.

CBZ’s banking unit follows in the prints of Barclays Bank Limited, which instituted similar measures late last year.

“In line with market conditions, CBZ bank has suspended the use of the Visa card on the local market with effect from January 15, 2017. The Visa card will, however, continue to transact outside Zimbabwe,” the bank said.

The new international transaction limits state that the bank’s depositors will be withdrawing $250 at Automated Teller Machines (ATMs) outside Zimbabwe, pay a maximum of $500 on Internet payments with a spending ceiling of $1 000 at Pos terminals outside the country.

Presently battling a cash shortage, Zimbabwe has seen banks coming up with various methods to contain withdrawals and preserve cash.

Most Zimbabweans now rely on cash-lite payment methods as the country’s withdrawal limits have been progressively plunging.

Comments (1)

The RBZ tells people to use plastic for local transactions and they still get screwed. This country is shit. RBZ needs to be cleaned. The Governor is a fool and thief. You have a cash problem. Now people cannot use their visa for even local purchases. Things are even worse than what they are telling people. Most of the people have not funds to travel and use outside the country, and no one uses internet transactions and cash withdrawal outside the country another game. They know most people will not travel and have limited funds to spend locally. These black devils now are at a low. The President leave to Singapore and takes $6 million cash and now people here cannot even make a pos transaction now with their local visa issued by CBZ. Enough is enough. This parasites must go. To now tell thousands of depositors their cards are no good local, and told them to use plastic because of the cash shortage. Now no use of their cards. That is some rotten shit. The President must go. There is no other way. This is total insanity at best. He is sitting on his old ass with his Pshycopathic wife spending millions of tax payers money while the country falls apart. What a President. WOW.

Piankhi - 12 January 2017

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