CBZ Suspends VISA Card Local Use, International Use Still Active
It’s CBZ Bank’s turn. CBZ Bank, which is the country’s largest bank, will with effect from day stop all its VISA card issued customers from using their VISA card to make local payment. However the Visa cards will continue to work internationally.
The Zimbabwean bankers, are already battling cash shortages, are worried that international banks based in the UK and the US could intensify the severance of ties. With some international banks already terminating correspondent-bank arrangements with local institutions.
Due to the cash crisis in Zimbabwe, CBZ will only be allowing VISA card holders to make online payments and international payments. However CBZ will also be reviewing the VISA card per day limits for international transactions. The new per day limits will be US$250 per day when withdrawing money on ATMs and US$1000 via POS. When making online payment the limit will be US$ 500.00 per day.
Zimbabwe is currently in the throes of a deep dollar shortage, forcing banks to tighten measures. The impeding introduction of local bond notes in October have prompted a run on banks as people fear the return of local currency.