Recent months have seen an alarming increase in armed robberies across Zimbabwe, with criminals increasingly targeting individuals and businesses holding large amounts of cash. Police reports show a worrying trend where cash transactions and on-premise money storage have made many an easy target. In light of this, we are urging Zimbabweans to rethink how they store and manage their money; banking continues to offer the most secure environment for safeguarding money.
Depositors have a range of convenient options for banking their money through formal channels. These include depositing funds directly at bank branches, using automated teller machines (ATMs) that accept cash deposits, and leveraging mobile banking applications linked to their bank accounts for instant transfers. Point-of-sale (POS) facilities at retail outlets also allow customers to securely transact. For those in remote areas, agency banking services and mobile money platforms integrated with the formal banking system provide safe and accessible avenues to keep money within insured financial institutions, reducing the need to carry large amounts of cash.
Keeping money in a regulated financial institution offers multiple layers of protection that simply cannot be matched by keeping cash at home or in business premises. Firstly, funds deposited in licensed banks are insured and physically secure from theft, fire, or accidental loss. Unlike cash boxes and portable safes, which can be easily broken into or destroyed during a robbery, funds kept in the bank are protected by advanced security measures and constant monitoring.
Secondly, and critically, when banking with a formal institution that is a member of the Deposit Protection Corporation (DPC), depositors are guaranteed reimbursement up to the insured limit in the unlikely event that a member bank fails. This means your savings remain protected not only from criminals but also from institutional risk. The deposit protection cover applies automatically to all eligible deposit accounts, no registration or additional fees are required from depositors.
Beyond security, banking your money facilitates safer and more efficient transactions. Instead of carrying large sums of cash, electronic transfers, mobile banking, and card payments reduce exposure to armed robbery risks. For businesses, keeping takings in the bank enhances cash flow management, provides a transaction record for accountability, and enables access to credit facilities that can support growth.
With armed robberies on the rise, the safest move for individuals and businesses alike is to keep minimal cash on hand and place the rest in a trusted banking institution. Not only does this safeguard hard-earned money from criminal threats, but with the backing of deposit insurance, it also ensures peace of mind in an uncertain world.
Your money is safer in the bank, and with deposit insurance, it’s protected for good.
