Lawyers in Zimbabwe, currently facing crippling liquidity constraints, are planning to file a class action against commercial banks in an attempt to force them to reduce what they call exorbitant charges.
One of the lawyers, Fadzai Mahere, said in a tweet Saturday, ““Today, I met with a team of lawyers prepared to drive a class action against the banks to challenge, inter alia (among other things), the grossly unreasonable and extortionate bank charges, and the irrational, arbitrary and capricious withdrawal limits.”
Mahere said indications are that banks are charging clients as much as $18 per week for withdrawing a paltry $150.
She said clients withdrawing as little as $25 are charged $3 per transaction.
Mahere added that the team is also expected to challenge the depositing of bond notes into what are supposed to be foreign currency accounts.
She said the Bankers Association of Zimbabwe and governor John Mangudya of the Reserve Bank of Zimbabwe have not taken action against these issues.
Mangudya was not immediately available for comment.
The class action will likely be filed on Tuesday.