CBZ suspends local Visa transactions

Source: CBZ suspends local Visa transactions – DailyNews Live January 6, 2017

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

WORDPRESS: 8
  • comment-avatar

    So does that mean that any shop that has a CBZ swipe machine will no longer accept a Zim issued card with a Visa logo on it? ie: Stanbic or Barclays Bank Card. . How strange. How do we pay some bills then?????

  • comment-avatar
    Pps 7 months

    I think that the Mugabe Family took the money for their overseas holiday! The holiday was very very important you know – it is a Command Holiday.

  • comment-avatar
    nelson moyo 7 months

    So best for cardholders to head outside of Zimbabwe and draw out as much as those foreign machines will spit out – quick before everyone works out this small loophole !!

  • comment-avatar

    What a strange way of doing business. No other country other than the USA will give you US$ from an ATM, so why go to another country to withdraw local money, Zambia, Tanzania Kenya, Namibia or even Moz – all local money, which is totally useless for Zimbabwe. Mugabe on his way back to Zim, nearly 3 weeks early!! Tired of doing nothing except watching CCCTV? He’ll be back tomorrow morning. Trouble at home????????

    • comment-avatar
      Joseph 7 months

      There are plenty of ATM’s in England which will give you US Dollars or Euros.Nothing unusual at all!

    • comment-avatar
      Joe Cool 7 months

      We have been hearing for a long time about a CASH shortage, but this suggests a MONEY shortage – like, even the pretense of what’s on the computer screen is no longer there.

      • comment-avatar
        Pps 7 months

        This is correct – but it is only a small amount that Zanu has converted for their own use – US$2.6 billion. Nothing to panic about – Gonzie and Scoonsie will make some more on the press.

  • comment-avatar
    booger 7 months

    Just remember Mangundya yibbering about “trusting each other”.

    It’s the same old song