It’s not a secret, the RBZ really doesn’t like mobile money. The central bank has often accused the Ecocash platform of being a safe haven for illegal foreign currency traders-the financial wild west from which every ill afflicting the economy comes from. Recently they finally did something about-they banned money transfer agent lines and ordered that transactions be limited to a mere $5 000 ZWL per day. Ecocash has finally implemented the measure and people are fuming over the paltry limit.
Notice to All EcoCash Customers
Dear Valued Customers
Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect;
1. Transactions by all individuals shall be pegged at a maximum of ZWS5,000 (five thousand Zimbabwe dollars) per day with immediate effect. This threshold relates to all transactions by the individual. including;Part of the message from Ecocash
a. Payments to merchants for goods and services and payments for utility bills
b. Send Money and purchase of airtime and data
c. EcoCash Debit Card
d. Wallet to bank transfers
What is rather confusing is that this includes Wallet to bank transfers as well. Does this mean that if you transfer money to your bank account you will have to wait until tomorrow in order to buy electricity? It would appear this is what it means and that is a cause for concern as the $5 000ZWL limit is too low.
We have already witnessed the dire effects of the $10 000ZWL limits. People had to return some items at tills as Ecocash limits would have been reached. The current limits translates to US$60 officially and about US$50 using unofficial rates. The list of thing you cannot do with these limits is long and shocking. You cannot even buy some data bundles!