The President Cde Emmerson Mnangagwa has called for good governance and confidence to be instilled in the financial services sector for a strong banking industry.

President Mnangagwa was speaking at the launch of Nedbank Zimbabwe Limited last night.

The issue of good governance and confidence in the banking industry has remained worrisome forcing some, if not all citizens of Zimbabwean to keep huge sums of money in their homes.

President Mnangagwa said good governance and confidence are prerequisites that encourage the public to deposit money in the banks.

He urged the Deposit Protection Corporation of Zimbabwe (DPCZ) to scale up its operations and ensure depositors are protected against loss of their insured deposits.

He encouraged the DPCZ to make depositors aware of when, how and how much deposits are protected in the event of a bank failure.

The President once more explained that government will continue to work on ensuring that the liquidity challenges being experienced in the country are addressed.

He applauded Zimbabweans for embracing digital payment platforms to ease pressure on demand for cash.

President Mnangagwa urged banks and microfinance institutions to avoid charging exorbitant transaction fees and interest rates above RBZ’s stipulated levels and to uphold good corporate governance and shun corruption, extortion, bribery and money laundering as well as externalisation of funds.

The banking sector in the country has been facing liquidity challenges in the past few years due to externalisation and corruption and government has been persuading those who externalised funds to return them, failure of which they will be hauled before the courts.