Long queues resurface at banks

07 Dec, 2021 - 00:12 0 Views
Long queues resurface at banks

eBusiness Weekly

Malven Mugadzikwa

Business Writer

LONG queues have resurfaced at banks, especially in Harare as depositors jostle to withdraw US dollar cash after civil servants and pensioners were this year paid their yearend bonuses in hard currency.

 

In Harare, the long queues have been witnessed at banks that include CABS, ZB Bank, First Capital, Steward and CBZ among others.

Bankers Association of Zimbabwe (BAZ) president Ralph Watungwa said the queues were only temporary and most of them were as a result of people rushing to withdraw their cash especially in US dollar bonuses.

“The queues are temporary. Most of these people in queue are civil servants who have already received their bonuses and most of these people had their money put in Foreign Currency Accounts (FCA) to be withdrawn in US dollars.

“They (queuing depositors) want to get their cash and hence the long queues,” said Mr Watungwa.

He said that as long as people want their cash the queues will take some time to vanish.

He also said that banking institutions had been overwhelmed by the customers as there were no other alternatives through which people could access their cash.

“ATMs are no longer working and this has forced people to visit bank branches to withdraw their cash. This has resulted in banks being overwhelmed by customers.

“In this respect, banks cannot not recruit more staff as this is a temporary thing that will only last for a few days and after all the people withdraw their cash, the queues will naturally vanish,” he said.

Mr Watungwa encouraged customers to use plastic money as a way of avoiding waiting in queues for long periods especially when there are products and services they can pay using electronic means.

This publication caught up with some of the people who were in the queues at various banks.

“We come here because we want our cash in US dollars.

“My money was put in an foreign currency account account and the only way I can access it is through withdrawing it from the bank,” said one civil servant.

Another bank customer said, “if we had Automated Teller Machines (ATMs) and more bank branches we would not have been seeing these long queues.

“The only way we can access our cash is only through the bank and bank branches are becoming fewer as well as tellers.

“This is causing long queues. At least banks should provide ATMs across the city and bring in more tellers because it’s taking too long for customers to be served.”

Some customers at bank queues are withdrawing their cash in Zimbabwe dollars to meet daily needs that require cash and avoiding illegal moneychangers who charge them exploitative exchange rates when they want cash.

“The rates in the streets are too high when I want cash from the money changers. I cannot rely on plastic money for all my daily needs.

“For transport costs, I need cash and when I try to get cash from the money changers the rates are too high and at the end of the day I share half of my money with those money changers.

“The only way I can get cheaper cash is through withdrawing from the bank and this has caused the long queues,” said one customer who was in the que waiting to withdraw Zimbabwe dollar cash.

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