Zimbabweans endured last week without cash as banks struggled to meet the demand, amid concerns the impending introduction of bond notes had aroused withdrawal appetite among depositors.
BY STAFF WRITERS
A survey across a number of cities and towns showed long queues at banking halls as depositors waited patiently, sometimes for many hours, to get their cash.
In Harare, Barclays Bank was giving $250 per week and depositors were encouraged to make electronic transfers to pay for most of their transactions. Stanbic was giving $100 per day while CBZ Bank was also giving $100.
Mobile money agents said they did not have cash in their wallets. Several banks also did not have cash. Inspite of Cabs having a $100 daily limit, it had no money at most of its branches. In some instances, the bank had to give out bond coins.
When Standardbusiness toured most banks and mobile money agents in Mutare on Friday, the cash crisis had worsened, with depositors claiming that government was frustrating them as a way to push them into accepting the impending bond notes.
ZB Bank Mutare branch had no cash around mid-morning but the situation later improved with withdrawal limits pegged at $50, while sources at the bank said companies were getting varying figures depending on the amount of money in their accounts.
Phineas Bumhira a driver at Sakubva Secondary School who is a client of ZB bank, said he had woken up around 4am to join the queue at the bank.
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“I was here by around 5am but I was told that there was no cash,” he said.
“We are just waiting. We have negotiated with people at work. This is affecting my work but I need money; we have been frustrated to the point of saying let the bonds notes come, although we remain suspicious of them.’’
FBC Bank Mutare was also struggling with long queues and at 10am there was no cash but daily limits were pegged at $100, while company withdrawals varied from around $300 going upwards. By around mid-morning there was no cash at CABS Mutare while at Stanbic the situation was normal, with depositors getting $100 per individual while companies were getting $300.
Jardin Nyazire, a depositor with CABS said he was worried about the cash shortages. “I have been here since 4am. I should be at work but I can’t go home without money,’’ he said. Standard Chartered Bank (StanChart) was offering $100 daily limits while for companies it varied depending on the money in their accounts.
Most mobile money agents who spoke on condition of anonymity said they had been failing to access cash for several weeks, but the situation had deteriorated last week.
In Marondera, there were long queues at all banks except StanChart and Barclays. The longest queues were at CBZ and CABS, with depositors getting a maximum withdrawal of $50. Agribank did not have cash on Thursday and Friday with bank officials saying they were waiting for deposits to be made before they could allow withdrawals.
In the resort town of Victoria Falls, mobile money was still functional and one could access any amount of money within the daily limit of $500. CBZ Bank was giving depositors $200 for an ordinary withdrawal and the full amount for a salary.
In Masvingo, some banks did not have cash while others were giving $50, with StanChart and BancABC giving $250 once per week to customers.
In Chinhoyi, most banks were giving depositors between $50 and $20 in a move designed to cater for all the customers. CBZ and FBC were giving out $100 per day but were serving less than 50 depositors in a day.
A health worker, Angeline Chirimuta said she had slept at the Chinhoyi CABS branch for three nights as the bank had last given out cash on Tuesday.
When the Standardbusiness team arrived there were customers who were trying to push their way into the ZB Bank Chinhoyi branch after being told the bank had run out of money.
