Recently ZIMSWITCH, the guys who operate the national payments gateway including ZIPIT announced that they had reviewed ZIPIT sending limits. You can now send up to $400 000 ZWL per month using the facility although each transaction is capped at $100 000 ZWL. That sounds like a lot of money until you consider the fact that the rate is now basically $1 000 ZWL. This means you can now send up to US$400 per month.
Dear Valued Customer,
Please be advised that the ZIPIT person to person transaction limit has been reviewed from ZWL$25,000 to ZWL$100,000 with a monthly limit of ZWL$400,000 effective 1 August 2022. In other words, an individual may now opt to send up to ZWL$100,000 per single transaction but ultimately being governed by the maximum limit of ZWL $400,000 per month.
The ZIPIT functionality is available on the following options:The message from ZIPIT
1. ZIPIT from any Bank to all Mobile wallets,Ecocash,OneMoney,Telecash and MyCash
2. ZIPIT from all mobile wallets to all banks.
3. ZIPIT across all banks.
4. ZIPIT across all wallets
In an ideal world, we would all ditch the ZWL and leave the government with its volatile currency but there are practical limitations to this emotional strategy. For starters, civil servants are the largest employed group in this country. Then there are bills you can advantageously pay using ZWL such as buying government ZESA tokens. These advantages will persist as the government keeps trying to come up with loopholes like this in a bid to incentivise people to use the ZWL dollar.
Now that we know it’s impossible to live without the Zimbabwean dollar for the majority of people all that is left is to consider whether the limit can be considered adequate. Given soaring inflation and current exchange rates as well as the purchasing power of the ZWL I am inclined to say that even these new limits are not enough for some people. The bulk of people will be OK though as few people earn more than $400 000 ZWL. Those that do can always use the RTGS system which has more generous limits of up to $10 000 000 ZWL.