Zimbabwe: Stanbic Bank Not to Change Its Terms

The Herald Harare
Displayed with permission from allAfrica.com

Stanbic Bank Zimbabwe Limited has advised clients that it would not be changing its terms and conditions as previously advised on the first of November 2016.This came after the bank sent updated terms and conditions to customers saying they might face delays when making withdrawals as the country’s currency shortage deepens. The updates were contained in a letter signed by the chief executive Joshua Tapambgwa, who said it was the move was in line with international bank practise.

Stanbic Bank also said it reserved the right to repay depositors in any currency recognized in the country at a rate quoted by it or the central bank, the Harare-based unit of Africa’s largest lender by assets said in the terms document.

Stanbic would have also imposed withdrawal limits and sought « prior written notification of your intention to make a withdrawal. »

However in a statement, Stanbic said: « We refer to our correspondence of November 1, 2016 to our clients concerning our updated terms and conditions.

« Given the feedback that we have received from our clients and the general public, it is clear to us that our intentions have been misunderstood.

As a result of this misunderstanding, we hereby advise that you should disregard these updates and the existing terms and conditions remain effective. »

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