Zimdollar ATM Cordoned Off

Interfin is a subsidiary of interfin Financial holdings Limited whose majority shareholder is Jerry Tsodzai.

The Interfin ATM machine is situated along Samora Machel Avenue, at the financial institution’s Towers Branch in Harare.

Last week some “unlucky but angry” customers were shocked when they received worthless Zimbabwe dollar bearer cheques when they tried to withdraw cash from the ATM which was “online” by mistake.

“The ATM was being tested and we use Zimbabwe dollars when we do such tests,” Isaac Njanike, Chief Executive of Interfin Financial Holdings Limited (Interfin), said in a statement to the media after the mishap was discovered by a female customer.

She had tried to withdraw US$110 but was shocked when demonetised Zimbabwe dollars were released by the ATM.

Zimbabwe dollars were demonetised in 2009 by the Reserve Bank of Zimbabwe (RBZ) to try and quell rampant inflation which had soared to more than 231 million percent, the worst in history and even in the famous Guinness Book of World Records.

Zimbabwe now uses a dual currency of the US greenback and the South African Rand as legal tender.

This is the currency available in its ATMs, but with the SA Rand only available from Kingdom Bank Limited (KBL) ATMs in Bulawayo and Beitbridge.

When this reporter visited the Interfin ATM over the Easter weekend it had a white sheet of paper informing customers that they “must not attempt to use it”.

Interfin took over CFX Bank Limited, which had rebranded from the “infamous” Century Bank Limited. Century was delisted from the Zimbabwe Stock Exchange (ZSE) and its flagship Century Bank Limited (Century) banned by Dr Gono, RBZ boss.

Massive corruption and underhand dealings were labelled against the Group’s tycoons who ultimately then fled Zimbabwe.

The new Interfin Group has a current market capitalisation of some US$9,282,326.85 on the ZSE. The share price stood at US$0,20 on the bourse on Tuesday.