The Reserve Bank of Zimbabwe (RBZ) has announced a major increase in the limit on bank cards to US$1 million, urging Zimbabweans to take advantage of the banking system instead of keeping large sums of cash.
Announcing the 2025 Monetary Policy Statement, RBZ Governor Dr John Mushayavanhu emphasised that the increased limit would provide a safer and more convenient way for businesses and individuals to manage their money.
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US$1 Million Card Limit Introduced
Dr Mushayavanhu highlighted the risks of keeping large amounts of cash and urged people to embrace digital and banking solutions. According to ZBC News, the RBZ governor,
“The issue here is that robbers were waylaying buses, especially cross-border traders, and robbing them of their cash. So there is no need to keep cash, given that one can just upload their money into a card, which we have increased to US$1 million.”
He stressed that the higher limit allows businesses and individuals to transact seamlessly without worrying about security risks.
Encouraging Digital Transactions And Banking
The governor assured Zimbabweans that banking money instead of hoarding it would reduce financial risks and contribute to economic stability.
“We have also adjusted interest on savings accounts, which we think makes huge sense for one to bank their savings.”
He called on businesses, particularly manufacturers supplying goods to the informal market, to make use of the banking system instead of storing money in cash boxes.
“There are manufacturers who are supplying goods to the informal market but are not banking their proceeds. They are keeping these monies in their cash boxes, which is not in line with the Anti-Money Laundering Act. The FIU will not just watch and will dismantle this practice.”
Strengthening The Financial System
As part of efforts to boost confidence in the banking sector, the RBZ has implemented measures to encourage deposits and digital transactions. The US$1 million card limit is one of several initiatives aimed at making financial transactions more secure and efficient.
Dr Mushayavanhu reiterated that Zimbabweans should utilise formal banking channels to ensure their funds are secure and to contribute to the overall growth of the economy.
“This move is designed to enhance financial inclusion, promote savings, and create a more stable financial system.”
The RBZ continues to urge individuals and businesses to take advantage of these policies to ensure safer and more efficient financial management.-iharare
