Ecobank has just sent out a message to its customers informing them that starting April they will probably be paying more for banking services. This doesn’t come as a surprise as customers from various banks have been complaining about being silently hit with higher banking fees.

Dear Customer, we advise that charges for our various banking fees will be reviewed effective April 2021. Stay Safe.Ecobank.

Text of the SMS sent to customers

Zimbabwean banks make the bulk of their profit from banking fees rather than activities such as lending as is the norm in other countries. Most people have no choice but to use these expensive services especially if they work for the government and get paid in RTGS and or Nostro dollars.