Banks shun TTs

SOME banks in Bulawayo have completely stopped accepting foreign payment telegraphic transfers submitted by companies, making life unbearable for the companies in the city, Association for Business in Zimbabwe (Abuz), has said.

A telegraphic transfer (TT) is an electronic method of transferring funds utilised primarily for overseas wire transactions.

Abuz chief executive officer, Victor Nyoni told NewsDay that the failure by banks to accept TTs had seen some of the companies in the city facing imminent closure.

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