Major commercial banks operating in Zimbabwe have reported unexpectedly robust half-year profits, defying a broader environment of tight liquidity and restrained consumer spending. According to financial results published this week, much of the revenue growth has been driven by non-interest income, particularly digital banking fees and foreign exchange trading gains.

While lending activity remains conservative due to high-interest rates set by the central bank, financial institutions have successfully pivoted to fee-based models to sustain profitability.

However, consumer advocates have raised concerns over the rising cost of transactional banking, urging regulators to monitor digital fee structures to protect ordinary depositors.