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.