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Financial institutions agreed on an upward review of the fees to maintain ATM infrastructure, in a move analysts say could boost non-interest income for the sector, while hurting bank customers.
The past two weeks have seen banks increasing service fees for withdrawals made through the ZimSwitch platform to US$4 from US$1, while Visa cardholders’ withdrawal fees on other bank’s ATMs rose to 2% from 1%.
This move could discourage depositors from using the switching system, even if it boosts banks’ non-interest income.
ZimSwitch, the country’s sole electronic funds switch, said while it had capped its fee at US$0,30 since the introduction of the multi-currency regime, other components to the charges such as the acquirer fee, a fee charged by the bank which owns the ATM and the issuer fee, charges by the bank which owns the credit card – had been reviewed over the years in line with the operating environment.
Stanbic last week announced that its services charges for withdrawals had shot up to US$4 from US$1, but was quick to say this would have no impact on non-interest income.
“This increase applies to all ZimSwitch member banks for the maintenance of ATM infrastructure. The increase has no impact on income,” the bank said in a written response to the Zimbabwe Independent.
Other banks have been in the past week issuing notices to the same effect.
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