Mobile money limits capped at $10

SOME mobile money transfer service agents in Bulawayo have capped cash-out limits to a maximum of $10 per transaction as the cash crisis intensifies.

According to chronicle, the mobile money transfer service sector is dominated by Econet through EcoCash while NetOne and Telecel offer OneWallet and Telecash respectively.

A snap survey yesterday showed that some mobile money transfer agents in the city had capped their cash-out limits to a maximum of $10 per transaction unlike in the past where customers would cash out to a maximum of $500 per transaction with a daily limit of $1 000.

Due to the cash shortages the country has been experiencing since April, the Reserve Bank of Zimbabwe has encouraged the transacting public to use plastic money and electronic payment systems.

The central bank has blamed the cash crisis on massive externalisation, low exports and hoarding of the United States dollar which is on high demand because of its strengthening value against regional currencies.

The monetary authorities have since come up with a raft of measures aimed at curbing externalisation of the US dollar.