CBZ and Ecobank cash leaks simply solved
With the new introduction of new versions of $2 coins the country expected some form of failure and disappointment as it usually is and already we have witnessed individuals caught with cash amounting to over $44 180 withdrawn from CBZ and another with $15 000 withdrawn from Eco bank when the maximum withdrawal amount is ZW$100.
One will wonder why the Apex bank still uses the same methods over and over but still expect a different result. It’s a well-known fact that bank employees are complicit with money changers or are even ring leaders yet the government continues to send money to banks, hand over to bank managers, knowing fully this will be a wide-open opportunity for abuse.
With just a day after the new notes were introduced the first place most people saw this money was people posing online with a few notes and suddenly today huge stacks online or with the local money changers. The exercise of injecting more cash into the system may be headed for imminent failure should the Apex bank not digitalise the whole process.
Visiting Westgate today we witnessed first-hand new fresh clean notes clearly in their thousands with different money changers yet in the morning CABS did not have a single note. On enquiring where they were getting the money from one money changer simply said, “People withdraw from banks and sell to us”. This practice will simply die a natural death should the banks be strict on how they distribute cash. Everyone in need must always have access and there will be no need to “sell cash”.
RBZ Governor Dr John Panonetsa Mangudya yesterday said preliminary investigations into the suspected illegal issuance of coins and notes revealed that a CBZ Bank customer was involved.
“Investigations by RBZ at CBZ indicated that an amount of $44, 180 was withdrawn by one of their customers. In this regard, CBZ Bank together with their customer are now assisting the Zimbabwe Republic Police with further investigations,” he said.
In regards to Ecobank “The Reserve Bank of Zimbabwe has taken note of pictures circulating on social media that show recently introduced $2 banknotes in sealed packs, suggesting that the notes are already being traded on the parallel market,” said Dr Mangudya. “Preliminary investigations by RBZ at Ecobank indicate that an amount of ZWL$15 000 was withdrawn by one of their customers. Ecobank, together with their customer, are now assisting the Zimbabwe Republic Police with further investigations on this matter.”
For the new money introduction to be a success tighter measures need to be implemented, very simple measures. Zimbabwe can emulate our big Southern neighbour. In South Africa cash in transit personnel strictly deliver to ATMs.
An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. In South Africa not even a single note is handed to bank managers or employees by cash in transit delivery personnel. Bank tellers do not hand out hard cash or even accept cash deposits (unless it is foreign currency). The ATMs is the only medium that handles that job. An ATM is programmed to give out a maximum amount and never disappoints on that front. There is easy accountability and no speculation of malpractice. There is no way an ATM could have disbursed $44 180 or $15 000 with the current cash shortages that money was headed for abuse.
For the RBZ to be taken seriously they must take a proactive approach by thwarting this practise by enacting a law that forbids bank tellers from giving or receiving cash in banks strictly assign the job to Automated Teller Machines eliminating fully the malpractice of this nature.
