Depositors struggle to get cash from banks

via Depositors struggle to get cash from banks – NewsDay Zimbabwe March 2, 2016

DEPOSITORS from various banks in the country for the past three days failed to access cash from the automated teller machines due to logistical problems in supplying the market with adequate cash following the payment of bonuses to the civil service.

bY BUSINESS REPORTER

A snap survey by NewsDay yesterday showed that some banks in the capital were not dispensing cash from the Automated Teller Machines while other banks had cash in the machines. The survey showed that there was no cash at CBZ Bank Angwa Street mid-afternoon. On the ATMs, customers were told to wait for an hour before they could access their cash.

CBZ Bank Robert Mugabe had cash on the ATMs. Barclays Bank Angwa Street had no cash on its ATM during that time.

A customer at Barclays Bank who identified herself as Chipo said she spent the better part of Monday at the bank, but could not access the cash.

“It seems the bank officials were on go slow or they were waiting for customers deposits to then give it to the customers that needed cash,” she said.

MBCA Bank had cash from its ATM and ZB Bank as well.

Barclays Bank Zimbabwe managing director George Guvamatanga said the cash crisis was a result of logistical problems and the increased demand after the payment of bonuses to the civil service.

“We had planned on our normal demand, (but) we ended up with a higher demand. When we realised that there was need for more money, the turnaround by the time you place your order and the time you put money in ATMs is five working days,” he said.

“It’s just a communication and planning issue. We need to communicate better especially with major salary payers in the market.”

Reserve Bank of Zimbabwe governor John Mangudya said there were no cash problems in the country, but an issue of distribution faced by banks.

“It is not a problem of the availability. It’s more about distribution. Banks underestimated the demand for cash. Many shops have point-of-sales that facilitate the use of plastic money, but most Zimbabweans want to do transactions with cash. People should use plastic money,” he said.

Responding to emailed questions, Bankers Association of Zimbabwe president Sam Malaba said: “The BAZ has not yet been formally informed of such a development.
It may, therefore, be more appropriate if you may kindly seek an informed position from the individual banks concerned.”

 

COMMENTS

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    Zimbabwean Abroad 6 years ago

    This is the beginning of the end. Zim is in meltdown. Once again our people will suffer, even the rich who thought it will never affect them must know that the end is near. There is no more hope, the godfather Bob (Paradzayi) and his mafia have totally destroyed Zim. There is only one way out of this madness for Zimbabweans, that’s leave Zim and try and make a better life elsewhere. Things will never improve at least until Bob & his cronies have been deposed. The time is right for revolution as things are just going to get worse.