AFRASIA Bank Zimbabwe Limited customers continue to beseige the financial institution’s Bulawayo branch as depositors grapple with extremely limited cash withdrawals imposed by the institution, Southern Eye Business can confirm. MTHANDAZO NYONI OWN CORRESPONDENT
Long winding queues have become the order of the day with depositors seeking to withdraw their cash as the bank battles a severe liquidity crunch.
The bank, which rebranded from Kingdom Bank following a 62,5% share takeover by AfrAsia Bank Mauritius, has been going through turbulent times.
Early this month the bank reduced maximum withdrawals to $50 and $200, leaving many depositors frustrated.
Yesterday at around 11am Southern Eye Business witnessed long queues of people thronging the Bulawayo branch in desperate attempts to withdraw cash.
The doors were shut and customers were shouting at the management demanding their money.
Customers that spoke to Southern Eye Business said the bank had set a $50 daily limit at the Bulawayo branch.
“This is frustrating and unacceptable. I have been coming here almost everyday trying to withdraw my money, but to no avail. I was shocked when they told us that the daily limit for cash withdrawal is $50,” Ntando Tshuma said.
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Another depositor, Fanuel Mombeshore, said the bank was making their lives tough as it was now hard to survive.
“I am now having troubles with my landlord because I do not have money for paying rentals. I go to work and expect to get my money at the end of every month, but fail due to this bank,” Mombeshore said.
Depositors said it was hard for them to change to another bank because most of them were civil servants. They said the process takes long to finalise, hence the risk to continue using the bank.
Last year it was reported that the bank was facing censure by the Reserve Bank of Zimbabwe (RBZ) after it emerged that the financial institution was reeling under a massive $21 million underperforming loan and could be placed on recuperative curatorship to protect depositor funds and the banking sector.
The bank was also in January this year listed by the RBZ among the seven most troubled banks in the country capitalised at $7,94 million as at September 30 2013.
AfrAsia spokesperson Sekai Chitemerere was not immediately available for comment, but early this month she said the financial institution was unable to offer normal services due to liquidity constraints in the local economy which she said had affected normal operations.
