Cash Pay Advance

The current cash crisis gripping the financial sector that has persisted for the past two months without any sign of relenting calls for discussion in order to find any legal implications be it on depositors or banks. To start with, I studied the banking statutes, and that is to say the Reserve Bank Act as well as the Banking Act to explore the true position of the law as regards rights and obligations visa vis banks and their clients. Looking at the nature of the cash crisis, how it has unfolded and the manner in which prescribed solutions have failed to arrest its tenacity, one is left in no doubt that the Central Bank has failed in one its it’s uppermost duties, and that is to "foster the proper functioning", of our financial sector. Rather than being "proper"- meaning that the financial system among many other things must be convenient to the public, many have evidently lamented the excruciating experiences that have been brought to bear on depositors desperate for their cash who have had to endure long and winding queues in oeder to access their cash. In addition to these statutory responsibilities of the Reserve Bank towards banks and depositors, the common law also provides for the nature of the relationship between these parties. The onus is therefore on the RBZ and other players in the financial sector to devise lasting solutions to the on-going cash crisis that is obviously causing unbearable inconvenience to the public without rank or status. Find Out More

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