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RBZ clarifies phone based mobile money platforms position

by Staff reporter
27 Jun 2020 at 17:42hrs | Views
Below is a statement released by the Reserve Bank of Zimbabwe on the suspension of phone based mobile money platforms.

On the Suspension of Monetary Transactions on Phone Based Mobile Money Platforms

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 unpartisan individuals and entities to create instability and inefficiencies in the economy.

Members of the public are assured that their bona-fide transactions will be processed normally.
John P. Mangudya Governor 27 June 2020

Source - Byo24News

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