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*Banks Blame Money Transfer Tax For "Exorbitant" Fees* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?pr The Bankers Association of Zimbabwe (BAZ) has defended current bank charges, saying the fees were being increased by the Treasury’s Intermediated Money Transfer Tax (IMTT). Local banks have been accused of fleecing depositors through astronomical bank fees coupled with meagre interest rates on deposits. ---------- Pindula is best experienced with the Android App. *Download APK here:* https://zero.pindula.co.zw/media/apps/apks/pindula23.apk _On Econet, Pindula does NOT use your data_ ---------- Even though almost every other industry in Zimbabwe is struggling due to a weak economy, banks have been thriving as a result of the new focus on non-funded income rather than the core business of lending more. Banks have hiked withdrawal fees to about 3% of the amount being withdrawn from the 1% charged a few months ago. Depositors are also being charged about 2.5% for withdrawals done on Automated Teller Machines. The permanent secretary of the Ministry of Finance, Economic Development and Investment Promotion, George Guvamatanga, said that banks should slash their charges and desist from “robbing” depositors. However, Fanuel Mutogo, the CEO of the Bankers Association of Zimbabwe, told Business Times that bank charges reflect IMTT. He said: > We have competitive charges but the problem is that with this IMTT from the Treasury, the charges going higher and the blame is on banks. We are not responsible for IMTT. According to ZIMRA, IMTT is tax-chargeable on financial transactions which happen through transfers such as direct debits, online transfers, mobile money transfers, supplier payments and interbank transfers subject to specified exemptions. More: Pindula News itel A50 now available on Pindula at $84 64GB storage, 2GB RAM. _ideal for light usage_ _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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