RBZ suspends Agent and Bulk transactions

The Reserve Bank of Zimbabwe has toned down the announcement made yesterday that suspended all monetary transactions on mobile money platforms.

RBZ statement says that only agent transactions and bulk payment transactions will be suspended. Individuals will still be able to to send and receive money and make payments that have a cap of ZWL$5000 per day.

As for merchants, they will be able to receive payments only and nothing else. Individuals ill still be able to send and receive money and make payments. Here’s the full statement:

Following the Government Press Release on the Suspension of Transactions on Mobile Based Platforms (OneMoney, EcoCash, Telecash, and MyCash) 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 excerpts for receiving payments for goods and services as well as payments of utilities (water, power, and airtime) which have been limited to ZWL$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 player 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 unpartisian individuals and entities to creates instability and inefficiencies in the economy.

Members of the public are assured that their bona-fide transactions will be processed normally.

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