via Zimbabweans Fail to Access Cash in Mutare by Loirdham Moyo 26.11.2013 VOAZimbabwe
There was panic in Mutare on Tuesday as hordes of clients from Metropolitan Bank and the First Bank Corporation (FBC) in the eastern border city failed to get their money due to what bank officials said were cash shortages.
Restive clients spent the whole day outside the two commercial banks. Bank officials told them not to expect any cash withdrawals as they had run out of money.
Mothers with children wrapped around their backs tried, in vain the whole day, to get their money but by close of business they had retired to fate as no cash was delivered as promised from Harare.
One of the clients, Clayton Masingita of Chigodora village, situated about 50km south of Mutare was a bitter man.
Masingita told Studio 7 he spent all his money on transport fare only to be told that there was no cash in banks.
Another client, who identified himself as Charles Maingire, said he has been in Mutare since Monday and has failed to withdraw cash for the festive holidays.
Maingire plans to visit his rural home in Chiendambuya but all now looks bleak. He said he expected to withdraw his salary and buy maize seed and fertilizer for his parents as the rain season has now set in.
The situation was the same for clients with at the First Bank Corporation where long queues were the order of the day.
At other banking institutions, the situation was normal as clients were accessing their money at Automated Teller Machines or ATMs and banking halls with little hustles.
A bank official with the Metropolitan Bank in Mutare, who spoke on condition of anonymity since he had no authority to talk to the media, confirmed there is a liquidity challenge at the bank.
He, however, said plans were underway to ensure they manage to pay their clients what is due to them.
A bank teller with FBC claimed they had eventually managed to serve all clients by close of business today while at Metropolitan Bank people were still milling around the building along Herbert Chitepo Street, well after it had closed for business.
COMMENTS
Why is it these clients do not use ATM cards ? I thought there is the ZIMSWITCH which allows anyone with an ATM card to access other banks in Zim. What excuse is there for not using ATM cards. Why should anyone want to withdraw the entire pay in cash ?
What is stopping retail shops from enabling POS machines widespread ?
My guess is most Zimbos are stuck in trying to insist in doing things the old way. Whatever blame can be shared, it seems people most people need to change attitudes.
You are quite right. You might also find cashless inter-account transfers can sort out a major proportion of transactions which need to be done.
Why dont we ask Jonathan the Zanu PF spindoctor to allege Biti ran away with all the cash, hence the cash shortage.(LIQUIDITY CRUNCH ?-lifundile madoda, so manage the economy well.)
Only a fool puts his cash into corrupt mismanaged indigenous banks. Soon it’ll be the whole country. The criminals are salting paper dollars to secret china accounts. Mark my words
Promise and Tafadzwa, using alternative forms of cash is not the solution to liquidity crises. When you deposut your money you should be able to get it even over the counter period. The nation is in trouble, these are the signs of time