In an age where technology is transforming every industry, some Zimbabwe’s banks seem stuck in the past. The frustrations experienced by ordinary people, especially informal traders, highlight the sector’s archaic systems. The demand for documents like proof of residence, payslips, or formal employment papers creates an unnecessary and absurd barrier for millions of people who don’t own homes, work informally, or are self-employed.
The problem is widespread, affecting countless Zimbabweans, like Phathisani Phiri, a Bulawayo resident. Expressing his frustration, Phiri stated, “Mdala, I have never been so frustrated. Some people outside the country wanted to deposit some money and they ask for a simple bank account confirmation letter, kuthwa (they said) you must write an application letter! Like seriously?”
Phiri’s case is just one of many. Informal traders, who make up the bulk of the Zimbabwean economy, are being denied access to basic financial services simply because they cannot meet these outdated, bureaucratic requirements. It’s hard to fathom why, in 2024, a person still needs to print forms and physically bring them to the bank after “applying online.” The entire process defeats the convenience that online banking is supposed to offer.
Another frustrated individual going by the moniker Njabs quipped “The Banker in me knows the frustration that bankers go through when dealing with stupid laws and also trying to give quality service” It appears its cocktail of problems faced by the banking sector, outdated laws and incompetence.
At a time when regional counterparts have embraced digital and mobile banking, allowing people to open accounts with just an ID, Zimbabwean banks are still clinging to their medieval practices. This behavior not only stifles economic inclusion but also erodes the already fragile trust people have in the banking sector.
Banks in Zimbabwe must move with the times. The current system is out of touch with the reality of the population it serves. If banks want to restore public confidence and make financial services accessible to all, they must scrap these rigid, outdated requirements. It’s time for a radical shift, one that acknowledges the modern economy and embraces technological solutions to provide banking services to every Zimbabwean, regardless of their formal employment status or homeownership.
By Michael Mdladla Ndiweni, Executive Director for multi award winning Bulawayo Vendors and Traders Association (BVTA) writes in his personal capacity. Email: mikejnrsind82@gmail.com X: @mdladlaspeaks