Business / Companies
New rules for money transfer agencies
05 Mar 2015 at 09:35hrs | Views
The RBZ has introduced new regulations for money transfer agencies and bureaux de change, change foreigners barred from having shareholding in the institutions.
Morris Mpofu, the central bank's exchange control director, said under the new framework, registered Zimbabwean operators shall be designated as limited authorised dealers and will be allowed to conduct both inward and outward money transfers.
According to Mpofu, the new exchange control framework for international person-to-person remittances shall be administered through a three-tier system.
The first tier shall be locally incorporated money transfer operators (MTO) partnering with approved international money transfer organisations (MTO) to carry out both inward and outward international remittances, as well as buy and sell forex on a spot basis, with a collateral deposit of $1,000.
Tier two shall be locally incorporated money transfer operators acting alone, or operating own systems to carry out both inwards and outward international remittances, as well as buy and sell forex on a spot basis with no collateral deposit.
Source - dailynews
