What's wrong with Zimbabwe’s banking?

By a tired Zimbabwean

In Zimbabwe today, walking into a bank is a bit like playing a game of chance. Will you get your money? Maybe. Will you pay another strange “service fee” for the privilege? Absolutely.

It’s no secret that Zimbabweans don’t trust their own banks. And honestly, can you blame them? Whether you're a vendor at Mbare, a manager in Borrowdale, or even a politician, everyone knows the same painful truth—putting your money in the bank is just asking for trouble.

Let’s start with the basics: Why would anyone deposit money when the only thing that grows is the bank’s fee collection? Zimbabwean banks have somehow mastered the art of charging you for everything.

Depositing your own money? That’s a fee. Transferring your money between your own accounts? Another fee. Breathing near your account? Well, don’t be surprised if that shows up on your statement too.

And while your money is busy earning the bank profits, what do you earn? Nothing. Not a single cent of interest. You don’t even get a thank-you card.

But wait, it gets better. Let’s say, after all those charges, you need to withdraw your remaining balance. You are anxious, still suffering from the trauma of those days when you queued for hours, baked under the sun, and finally reached the counter—only to be told, “Sorry, no cash today.” Now you get the cash, but you are charged excessively. You realize that banks are not vaults anymore—they’re black holes.

Businesses know this too. Suppliers across the country now insist on cash payments. Why? Because they’ve learned the hard way that sending money through the bank is like sending a message in a bottle. Maybe it will get there. Maybe it won’t. Maybe it costs you half the value in “service fees.”

At this point, keeping cash under the mattress feels like solid financial planning.

But here’s the real problem: when people lose faith in banks, the whole economy suffers. Banks are supposed to help grow businesses, fuel investments, and support jobs.

Instead, in Zimbabwe, banks are draining money from the system. Businesses can’t get loans. People don’t save. Suppliers refuse formal payments.

The government can’t track trade properly. The economy ends up running on street deals and handshakes, not invoices and bank transfers. When the banks fail, the country stalls.

So, what’s really wrong with Zimbabwe’s banks?

Instead of blaming ordinary Zimbabweans for not banking their money, perhaps it’s time to ask the real question: what’s driving people away from the banks?

Customers are burdened with excessive fees—charged for depositing, withdrawing, transferring, and simply for the privilege of maintaining an account. For many Zimbabweans, it feels like they are paying the bank just to hold their own money.

Savings accounts offer no relief either. Depositors earn nothing on their balances. Instead, their funds steadily decrease over time due to constant deductions, leaving people questioning the very purpose of saving in the first place.

Perhaps most damaging of all is the collapse of trust. After years of unreliable service, blocked funds, and poor customer experience, Zimbabweans have simply lost faith in their banking system. And when trust is lost, people naturally turn to alternatives—keeping their money in cash, close at hand.

The solutions aren’t complicated. First, banks need to reduce their charges to reasonable and transparent levels. Customers should not feel penalized simply for using basic banking services.

Second, banks must focus on providing real, reliable services that support both personal and business banking needs. Whether someone is running a small shop or managing a large operation, banking should make their work easier, not harder.

Third, ensuring the consistent availability of cash across all branches nationwide is essential. People must be able to access their own money without unnecessary delays or excuses.

Finally, and perhaps most importantly, the banking sector must work to rebuild public trust. This can only be achieved through consistent service, honest communication, and customer-friendly policies that demonstrate a genuine commitment to serving the people.

Until these basic steps are taken, Zimbabweans will continue to avoid the banks—not out of choice, but out of necessity.

Until that happens, Zimbabweans will continue to do what they know best: keep their money close, in cash, where at least they know it’s safe. For now, banks in Zimbabwe are not seen as places to protect wealth—but as places to lose it.