EcoCash has revised transaction limits for several kinds of its customers. When it comes to transaction limits, EcoCash classifies customers according to several factors such as their holding of bank accounts and debit cards or the lack thereof.
So, customers who have EcoCash accounts and bank accounts or debit cards have different limits to those who don’t. Without further ado, here are the new transaction limits.
Currently, we do not know what Executive Grade customers and how one can qualify to be one. But we have asked EcoCash and they are yet to get back to us with a reply.
As for Farmers Grade customers, these are EcoCash holders who are farmers, who usually don’t have bank accounts or debit cards.
Why did EcoCash reduce transaction limits
If you consider that the Zimbabwe dollar’s value is continuously falling virtually every day, you will see that revising transaction limits doesn’t make sense because more money is needed to chase few goods.
Given this, the only compelling reason why EcoCash has revised down transaction limits is to be in good standing with the Financial Intelligence Unit(FIU), which they have been at loggerheads.
Since April, the FIU has been pressuring EcoCash to suspend some Agents accounts as well as reduce transaction limits to curb the black market. Now EcoCash has unilaterally reduced transaction limits and forced to suspend Agent accounts.
Somewhat good news
The only good news connected to transaction limits is that customers can now make ZWL$10 000 payments with one transaction instead of doing transactions in a couple of batches just to make a ZWL$10 000 purchase.
If your grocery bill in a Merchant is ZWL$10 000 you can now pay it off in one transaction without having to do 3 or 4 transactions.
Another cause for celebration is that the transaction limits have not come with a revision of the transaction charges which now requires the Reserve Bank of Zimbabwe’s approval.