Mavhaire blasts banks over charges

Published: 02 July 2014

A senior government official has complained over the way banks are handling depositors monies particularly bank charges, which he said were high and not justified.

Addressing delegates at the launch of the Sakunda Energy Fuel and Loyalty Card, Energy and Power Development minister, Dzikamai Mavhaire said the bank charges were far much higher than what is expected.

"Be very careful about these banks you put $10 the next time you check it will be $7," warned Mavhaire who claimed that technology was now used against his generation.

"The concept of cards that you have launched today we used to do with banks but we are no longer doing it now. Young people want to use technology against us," he said sending the house in a bout of laughter.

Recently AfrAsia Zimbabwe Holdings Limited chief executive officer Lynn Mukonoweshuro said high interest rates were a symptom of a bigger problem that should be addressed.

"High interest rates are not sustainable, but one needs to look at the key drivers which are labour, licence, cost of funds, energy costs and all the costs of running a business in Zimbabwe. All these contribute to high interest rates," she said.

Since 2009 interest rates have ranged between 18-25%.

Mavhaire, however, praised the innovation by Sakunda pointing out that the world was changing and was now highly technical.

"The fuel industry is one of the economic enablers of the economy. I understand that so many people are now importing cars from Japan and people are travelling long distance to fuel their cars, so please make sure your filling station are everywhere even in rural areas," he added.

Sakunda managing director, Mberikwazvo Chitambo said the card was designed to give high quality services and innovative products to loyal customers to purchase
fuel using cash, bank transfer, Zimswitch ready bank cards, Visa or V-payments.

With the cards, customers can collect fuel points for fuel purchased at Sakunda service stations.
- Zim Mail