So yesterday, OneMoney, Telecash and leader Ecocash brushed off the government’s purported banning of all mobile money transactions. Ecocash noted the fact that a secretary of information and publicity did not have the authority to go about banning mobile money. Eventually the Reserve Bank arrived on the scene and issued their own ban. Far less sweeping than the initial ban this ban stops cash-ins and cash-outs.
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 the
convenience 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.
Reserve Bank of Zimbabwe
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