Members of the public are proposing a downward review of electronic banking transactions in line with regional trends to increase savings in the financial sector.

Zimbabwe has since January processed electronic and mobile payments worth more than $2 billion.

However, the high costs of transacting have seen industry and commerce being heavily burdened by loss of savings on every transaction.

While banks are arguing that there is need to balance the act between operational costs and revenue inflows, members of the public are calling for intervention mechanisms that will see a further reduction of the existing transaction charges.

“The electronic transactions charges are too high. We are therefore appealing to the government to review the charges downwards,” said some of the transacting public.

The proposed slash in electronic and mobile transaction charges is being made when the just released 2017 audited financial statements for banks indicate the sector posted super profits mainly being driven by the income from real time gross settlements (RTGS), mobile payments, internet, online banking and automated teller machine (ATM) charges.