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RBZ suspends licences

by Staff reporter
10 Apr 2020 at 12:36hrs | Views
The Reserve Bank of Zimbabwe - RBZ has with immediate effect suspended the operating licences of Cash Twenty-Four Limited and CrediConnect Private Limited.

Cash-Twenty Four is licenced as a bureau de change while CrediConnect is a credit -only micro-finance institution.

In a statement the RBZ said, it is in possession of information showing that the two institutions have been engaging in illicit foreign currency transactions, which have been adversely affecting the economy.

The suspension of the institutions' operating licences is with immediate effect, pending further investigations.

If found guilty, Cash Twenty-Four Limited and CrediConnect will be liable to further regulatory action, which could result in the cancellation of their licences and or criminal prosecution.

Source - zbc