Phone-based mobile money platforms ban latest: RBZ tightens screws on mobile money (FULL STATEMENT)

0

Reserve Bank of Zimbabwe governor John Panonetsa Mangudya said mobile money platforms such as EcoCash, Telecash and OneMoney will continue operating, albeit with some transactions suspended.

In a statement, Mangudya said all mobile money agents are suspended from facilitating cash-in and cash-out transactions and all merchant transactions are suspended except for receiving payments for goods and services as well as payment of utilities.

The statement reads:

Following the Government Press Release on the Suspension of Monetary Transactions on Mobile Based Money Platforms (One Money, MyCash, Ecocash and Telecash) dated 26 June 2020, the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public as follows:

a) All mobile money agents are suspended from facilitating mobile financial transactions with immediate effect.

b) All merchant transactions are suspended except for receiving payments for goods and services as well as payment of utilities (water, power and airtime), which have been limited up to ZW$5000 per day for the convenience of the transacting public.

c) All mobile money liquidations should be done through the banking system.

d) All bulk payer transactions have been suspended with immediate effect.

These unprecedented measures have been necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and nonpartisan individuals and entities to create instability and inefficiencies in the economy.

Members of the public are assured that their bonafide transactions will be processed normally.

Reserve Bank of Zimbabwe


Breaking News via Email

Enter your email address to subscribe to our website and receive notifications of Breaking News by email.

Loading...