Interfin Bank runs out of cash

INTERFIN Bank Limited (Interfin) ran out of cash at all its branches in Harare, causing a lot of stress and mayhem for its customers.

"I am very sorry the cash will be available only later in the afternoon," a security guard manning the Century Towers Branch said in an interview.

"We will, however, be allowing customers to withdraw about $100 at most. Come back later."

This is not the first time that Interfin Bank has run out of cash at its branches in Harare.

A visit to the Executive Branch in Eastlea also showed that it also had run out of cash.

"Come first thing in the morning tomorrow," a female Personal Banker said in an interview at the branch.

The General Manager at Century Towers confirmed that cash had indeed run out but "could be available" in the afternoon.

"Check later today," he said.

Interfin Bank Limited is a subsidiary of Interfin Banking Corporation Limited which is listed on the Zimbabwe stock Exchange (ZSE).

It was renamed Interfin after taking over the collapsed Century Bank Limited which was also renamed CFX Banking Corporation Limited.

Customers have also been riled by Interfin which has now cut all swipe "exchanges" with its customers.

Visits to OK Zimbabwe Limited's First Street store showed that they were no longer allowing Interfin swipe cards to be used in their store.

"We no longer accept these cards from Interfin," a teller said in an interview after refusing to allow this customer to swipe for groceries bought in the store.

At TM Supermarket the tellers also refused to accept the Interfin swipe card saying the commercial bank was not paying "its dues on time".

The Reserve Bank of Zimbabwe (RBZ) has threatened to close down commercial banks that did not meet its daily limits as well as capitalisation.

Ironically, Interfrin Bank has said it has followed all RBZ stringent regulations including capitalisation which currently stands at $15 million for commercial banks operating in Zimbabwe.

Post published in: Business

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