This has been no doubt been an eventful number of days for Standard Charted Bank. First, they announced that they had increased their transaction charges, then their CEO had to come out and confirm that they were still committed to the Zimbabwean market despite only having 3 operational branches in the entire country.

Yesterday evening they announced that the bank was increasing its ZIPIT limits to up to $100 000 ZWL per day. The announcement is probably much welcome as banks have struggled to keep up with inflation. Many people, for example, have been hitting the Ecocash daily limits with increased frequency.

Dear Client, for your convinience, ZIPIT limits have increased to $20 000 per trnx [Editor’s note-transaction] and $100 000 per day. The daily maximum of 5 trnxs per day remains unchanged.

The SMS send to StanChart account holders.

Sorely needed changes

With inflation being what it is a lot of people as we have noted before have been constantly hitting the limits that most banks and mobile money operators have set up. The misconception is that these individuals are doing something illegal that’s why they are transacting that much but the simple truth is that even law-abiding citizens are now constantly hitting the ceiling too.