Zimbabwe's central bank governor has called on financial institutions to reduce service charges as part of broader efforts to stimulate economic activity. The directive comes amid ongoing challenges in the country's financial sector, where high banking costs have been cited as a barrier to economic participation.

Governor John Mangudya emphasized that excessive fees are deterring customers from using formal banking services, particularly in rural areas where financial inclusion remains a challenge. The central bank's push aligns with wider government initiatives to boost economic growth and improve access to financial services across the country.

This move reflects growing pressure on Zimbabwe's banking sector to adapt to economic realities and support national development goals. By targeting bank charges, regulators aim to make financial services more accessible and affordable for ordinary citizens, potentially increasing formal banking adoption rates.