While national attention has recently been consumed by constitutional debates and political manoeuvres, a quieter but far more practical issue has emerged in today’s news: the Reserve Bank Governor encouraging commercial banks to lower bank charges.
This is a development worth applauding.
For years, ordinary Zimbabweans have faced excessive bank fees simply for accessing their own money. Monthly maintenance charges, transaction fees, withdrawal fees and transfer costs all combine to penalise citizens for participating in the formal financial system. At a time when financial inclusion is critical for economic growth, high banking charges discourage savings, push people back into cash economies, and undermine trust in institutions.
Encouraging banks to reduce fees is a step in the right direction.
But encouragement alone may not be enough.
In many developed and emerging economies, basic banking services are either free or heavily regulated. Individuals can deposit, withdraw, and transact without being charged punitive fees. Some accounts even generate interest, incentivising saving and long-term financial planning. Access to banking is treated as an essential economic utility, not a luxury product.
Zimbabwe should aim for similar standards.
If government is serious about economic stability, financial inclusion, and rebuilding confidence in the banking sector, it should consider going further. Legislative reform could ensure that basic bank accounts carry minimal or zero monthly charges. Clear caps on transaction fees would protect consumers. Transparent pricing frameworks would rebuild public trust.
Lower banking costs do not weaken the economy. They strengthen it.
When citizens are encouraged to save, transact digitally, and remain within the formal banking system, liquidity improves. Small businesses grow. Tax compliance improves. Economic data becomes more reliable. Financial participation expands.
This is the type of reform that directly benefits the public.
It is also the kind of policy conversation Zimbabwe needs more of. Practical, measurable reforms that improve daily life — not endless political theatre.
Reducing bank fees may not make dramatic headlines. But it is exactly the kind of structural change that builds a stable and growing economy.
If we are serious about development, this is where the focus should be.
