Technology

“Ecocash not banned” RBZ sets the record straight

The Reserve Bank of Zimbabwe has finally clarified on the issue.The monetary authorities released a statement which has a more sensible position whereby mobile money serves will be allowed to continue operating although with restrictions on some services. According to the statement which was released by RBZ governor John Panonetsa Mangudya, all ‘bonafide transactions will be processed normally”.However, all mobile money agents are suspended from facilitating mobile financial transactions with immediate effect and all merchant transactions are suspended except for receiving payments and paying utilities which is now limited to ZW$5000 per day. Below is the full statement from the RBZ

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 theconvenience 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.

John P. Mangudya

Governor

27 June 2020

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