Commercial banks a preserve for few

Under what is known as the sunrise three a reserve bank programme, the reserve bank chief gave ultimatum banks to clear off queues.
Some of the regulations passed are good but bar numerous people from opening new accounts and even visiting banks.
Dr Gideon Gono set the maximum withdrawal at ZW$500 million per person and finally got rid of the long queues that have characterised our banks.
Many people now go to the banks once every month because they earn far less than the maximum withdrawal stipulated by the banks.
Others also face problems in trying to open new bank accounts, as they do not meet the bank requirements.
The requirements of opening a new bank account with a commercial bank are a metal Identity card, proof of resident, passport size picture and pay slip in which you earn not less than ZW$750 million.
Other banks such as the commercial Bank of Zimbabwe, CBZ and Stanbic you should be earning ZW$1 billion.
Dr Gono ordered all companies to pay their employers through the banks when most of the workers do not have bank accounts and they cannot open one because of restrictive requirements by the banks.
A teacher recently fumed as he tried to open an account with one of the banks in Mutare, the bank asked the teacher to produce a payslip and the teacher tried to explain to them that he has not yet received his payslip from the Ministry of Education since December 2007.
“At present I don’t know how much I earn because I haven’t received my salary advice from the responsible authorities,” said the teacher who refused to reveal his name to Sakubva News.
A survey carried out by Sakubva News revealed that most of the people seen in banks throughout the month are those who deal in foreign currency and cash barons.
Most workers cannot afford to open bank accounts because they earn far less that $200 million.
Only those who opened bank accounts before these restrictive requirements were passed can afford to go to the banks but only once in a month since what they earn is far less than ZW$500 million.
More that 80% of Mutare residents are either informally employed or unemployed making it difficult for them to open bank accounts or maintain an already existing one.