In a shocking move, the Reserve Bank has banned Agent lines forever, citing that they are no longer useful. Agents lines had already been frozen in order to stop moneychangers from using them to buy and sell foreign currency.
But today the Governor Dr John Mangudya decided to tighten the screws by instructing mobile money operators to shut down existing Agent lines and never to issue other Agent lines forever. In a Midterm Monetary Statement, Dr John Mangudya said:
Agent wallets are no longer serving any legitimate purpose and were now being used primarily for illegal foreign exchange transactions. Agents’ mobile money wallets are therefore abolished, with immediate effect.
As for the money that is in those Agents line, the Governor said that owners of the agent lines can only withdraw/liquidate it money through bank after the Financial Intelligence Unit has established if the funds were ill-gotten or not.
Agents currently holding value in suspended and frozen wallets shall be allowed to liquidate the funds to their bank accounts, upon the Financial Intelligence Unit (FIU) having satisfied itself of the legitimacy of the source of funds.