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-Consumers shunning banking services in Zimbabwe.

Global Banking News-June 6, 2011--Consumers shunning banking services in Zimbabwe(C)2011 ENPublishing -

Global Banking News - 06 June 2011

Consumers in Zimbabwe are shunning banking services, according to a study by Kingdom Financial Holdings Limited (KFHL) Group.

Studies show that consumers do not trust banks, and banking transactions are happening more in the informal sector than in the formal sector. It is believed that the biggest deterrent to people conducting banking transactions is the fact that opening a banking account is very cumbersome, involving a lot of paper work.

Also, in many cases banks are not ready to provide services because of the high costs involved in traditional banking services.

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Publication:Global Banking News (GBN)
Geographic Code:6ZIMB
Date:Jun 6, 2011
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