Another Zimbabwean bank stops use of debit cards outside the country
Standard Chartered Bank has stopped customers with immediate effect from accessing cash abroad through the use of debit cards outside the country
Standard Chartered Bank, Zimbabwe’s oldest bank, on Tuesday became the latest to suspend the use of Visa debit cards outside the country with "immediate effect." Many locals had become increasingly reliant on their international cards to access cash abroad and from neighbouring countries. The country’s liquidity crunch resulted in most banks imposing stringent withdrawal limits, making it difficult to access savings. Border towns such as Musina in SA and Francistown in Botswana, where international banks have operations had become popular with Zimbabweans looking to access cash. Standard Chartered Zimbabwe said its decision was reached to "ensure best use of the increasingly scarce foreign currency" disbursed in line with the priority list issued by the Reserve Bank of Zimbabwe if and when it is available.