This has been topical of late after many prospective voters failed to register because they could not produce what officials deemed valid documents to prove their place of residence.
Banks however offer an alternative in the form of a letter from one’s employer, but still some individuals find the requirements cumbersome.
Financial analyst Takunda Mugaga told The Zimbabwean that banks require people to produce valid proof of residence to prepare for other eventualities, such as loan acquisitions.
“The relationship between a bank and its client does not end with the opening of an account. Banks expect at some point to provide other services such as loans for which they would need to know the physical address of the individual concerned,” Mugaga said.
But he said most banks would bend their requirements because they need the business brought by their clients. However, one irritated client said she found the whole process of opening an account painful.
“I was required to produce passport photos, proof of residence or an affidavit, employer’s letter and my spouse’s documents. It’s not something that you want to do again,” she said.
Another client said this was part of the reason why mobile platforms such as EcoCash were proving to be a more convenient alternative. “I really don’t know why people in this country are obsessed with this proof of residence thing,” he said.
Analysts have said the requirements must take into account the way people live. Most people live as lodgers while others live in shared houses as extended families because of prevailing economic conditions.
Post published in: Business
Those people who cannot even have their own Residence whatfore do the than need a Bank Account?
Also with Econet you cannot send money to abroad so it’s uselsss somewhat.