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EcoCash increases transaction limits

by Staff reporter
23 Mar 2020 at 05:58hrs | Views
In a move expected to bring relief to the transacting public, EcoCash has increased daily and monthly transaction limits for merchants or bill payments and for single transactions.

The monthly limits for customers not linked to bank or debit card, which used to have a transaction limit of $10 000, has been increased to $20 000.

The monthly limit for customers linked to a debit card used to be $25 000, but has now been increased to $35 000.

Customers linked to a bank used to have a monthly limit of $50 000 but that has since been increased to $150 000 while the executive grade that had a monthly limit of $100 000 will now transact up to $250 000. For daily transactions, the debit card limit has risen from $2 000 to $5 000 for customers not linked to a debit card. Those linked to debit cards have their limits increased to $10 000.

When sending money, EcoCash used to have a limit of $1 000 but it has been increased to $5 000. Merchant payments used to have a transaction limit of $3 000 but it has been revised to $10 000 while transactions for bill payments have been increased from $2 000 to $10 000.

Econet Group media and corporate affairs executive Mr Fungayi Mandiveyi yesterday said: "The EcoCash transaction limits are regulated by the RBZ, which from time to time works with particular mobile money operators to review them in line with the obtaining operating environment."

A reliable source at Econet said they had been working on having transaction limits raised for several months, as prices were going up and customers were struggling to buy groceries, pay for amenities such as fuel and power with the existing limits then.

"Even Zinara licence fees and the like, have all gone up to a point where customers needed to make several transactions to effect one payment," said the source.

Econet had applied for the increment in the monthly and daily increment a while ago. In Uganda, mobile money operators increased limits recently to enable customers to use the platforms so that they avoid cash to minimise contracting coronavirus.

Source - the herald