The government’s recent introduction of bond notes seems to be worsening the country cash crisis and causing panic withdrawals from banks, with nervous Zimbabweans overwhelming financial institutions in their anxious bid to take out all their monies by all means possible.
FBC Bank on Monday suspended Debt MasterCard facility, this comes after the RBZ had introduced Bond Notes. Speaking to Techunzipped one FBC employee said it has become more difficult for FBC to allow debit card holders to make online payment and use oversees. This is mainly because the current account now hold Bond Notes and it will be more difficult for FBC to pay the nostro accounts (a bank account held by a Zimbabwe bank with a foreign bank, usually in the currency of that country.)
Due to the cash crisis in Zimbabwe, FBC will only be allowing prepaid Mastercard holders to make online payments and international payments. To load your prepaid MasterCard you will have to bring hard cash US Dollars because you cannot load your MasterCard using Bond notes.
FBC’s prepaid MasterCard is a debit card that can be used to make both local and international payments as well as withdrawals. The card is not account based and is available to the bank’s depositors and those who do not hold FBC Bank accounts.
Zimbabwe is currently in the throes of a deep dollar shortage, forcing banks to tighten measures. The impeding introduction of local bond notes in October have prompted a run on banks as people fear the return of local currency.
