Harare, Zimbabwe. (News of The South)- CBZ bank lite account service, Smartcash has increased its daily transactional limit from $300 to $1000, a move that will enable Smartcash customers to increase the volume of their transactions.
Smartcash was introduced in 2014 to increase financial inclusion through providing low-cost bank accounts for the unbanked population.
Lite bank accounts have found favour with many people because they have no fixed minimum account balances and they have no monthly service fees.
Additionally, the maximum amount of balance for Smartcash accounts has been increased from $300 to $3000 meaning that those account holders will enjoy keeping large amounts of money at no monthly services fees.
Prior to the introduction of competition in the form of mobile money services financial inclusion in Zimbabwe was limited to unaffordable traditional banking accounts that were largely used by individuals and institutions active in the formal economy.
The macro environment in Zimbabwe has significantly changed with informal services contributing meaningfully to liquidity prompting banks to introduce tailor products to address this market such as the CBZ Smartcash and FBC Mobile Moola among others.
Comments
About Author
