RBZ now requires EcoCash, Telecash & OneMoney to seek approval to increase transaction fees

EcoCash and OneMoney

Another good news to come out of the latest Statutory Instrument on Banking Regulations is that EcoCash, OneMoney, and Telecash will no longer change transaction fees without Reserve Bank of Zimbabwe’s approval.

A statement in Statutory Instrument concerning this new rule read:

No money transmission provider or mobile banking provider shall levy, amend or review any transaction charges without the prior approval of the Reserve Bank.

With this rule in place, RBZ will make sure that mobile money operators will not profiteer from increasing tariffs willy nilly and without justification. Cheers RBZ, smart move.

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