Opinion / Columnist
Is it legal to keep US$70,000 cash at home in Zimbabwe?
4 hrs ago | Views
In recent weeks, Zimbabwe has experienced an alarming increase in armed robbery cases, with criminals specifically targeting individuals and businesses that keep large amounts of cash at their premises or homes. This uptick in robberies has raised significant concerns for both residents and business owners, who are now being urged to rethink how they manage and store their money.
The Zimbabwe Republic Police (ZRP) has consistently issued warnings, advising the public to avoid keeping substantial amounts of cash at home or at business premises. These large sums of money make individuals and businesses prime targets for armed robbers, as criminals are often able to monitor and identify who has cash on hand before striking.
In the majority of cases, robbers have made off with large amounts of cash, confirming that they tend to target individuals they know are holding money. Such incidents highlight the danger of hoarding cash in unsecured locations.
Is it illegal to keep large amounts of cash at home?
Many Zimbabweans may not be aware that keeping large sums of money at home is, in fact, illegal. According to the Reserve Bank of Zimbabwe (RBZ) and the ZRP, individuals are not permitted to store more than $10,000 (or its equivalent in foreign currency) at home without proper authorization.
Section 4 of the Exchange Control Regulations explicitly states that keeping excessive amounts of cash without approval can result in legal consequences. This regulation is designed to prevent the hoarding of foreign currency and ensure that money flows through legitimate financial channels.
Why you shouldn't keep large sums of money at home
It is essential for individuals to deposit any excess cash into a bank account or invest it in safe and reliable financial options. Keeping large amounts of money at home not only puts individuals at risk of armed robbery but may also lead to legal complications. By using banks and financial institutions to store money, people can ensure the safety of their funds while remaining within the bounds of the law.
Recent robbery at Alpha Omega farm
A recent incident underscores the dangers of keeping large sums of money in unsecured locations. On March 18, 2025, an armed robbery occurred at Alpha Omega Farm in Marondera, home to Lucy Muteke (also known as "Madzimai Lulu") and her family. The robbers, armed with rifles, pistols, and machetes, targeted the family after learning about the large sums of cash held at the property.
The assailants managed to steal US$75,000 in cash, believed to be part of the bride price paid by businessman Wicknell Chivayo during a recent traditional wedding ceremony. The robbers also made off with other personal valuables, including mobile phones and firearms. The highly organized group of attackers arrived in a large white truck and executed their heist with military-style precision.
Police reported that three armed security guards stationed at the farm were overpowered by the robbers, who proceeded to raid the house, demanding money and valuables from the family. While a neighbor attempted to intervene by firing shots to scare off the robbers, the gang made a swift escape.
Authorities are continuing their investigation into the incident, urging the public to come forward with any information that may lead to the identification of the perpetrators. In the wake of this robbery, the ZRP has reiterated its advice for people to avoid keeping large sums of cash at home, to protect both their safety and their finances.
The surge in armed robberies across Zimbabwe serves as a stark reminder of the risks involved in holding large amounts of cash at home. To protect yourself and your property, it is crucial to store money securely in a bank account or other safe investment options. Furthermore, adhering to the legal limits on cash storage can help you avoid potential legal issues while safeguarding your financial security.
Stay vigilant and ensure that your financial practices align with Zimbabwe's laws to prevent becoming a target of criminals.
The Zimbabwe Republic Police (ZRP) has consistently issued warnings, advising the public to avoid keeping substantial amounts of cash at home or at business premises. These large sums of money make individuals and businesses prime targets for armed robbers, as criminals are often able to monitor and identify who has cash on hand before striking.
In the majority of cases, robbers have made off with large amounts of cash, confirming that they tend to target individuals they know are holding money. Such incidents highlight the danger of hoarding cash in unsecured locations.
Is it illegal to keep large amounts of cash at home?
Many Zimbabweans may not be aware that keeping large sums of money at home is, in fact, illegal. According to the Reserve Bank of Zimbabwe (RBZ) and the ZRP, individuals are not permitted to store more than $10,000 (or its equivalent in foreign currency) at home without proper authorization.
Section 4 of the Exchange Control Regulations explicitly states that keeping excessive amounts of cash without approval can result in legal consequences. This regulation is designed to prevent the hoarding of foreign currency and ensure that money flows through legitimate financial channels.
Why you shouldn't keep large sums of money at home
It is essential for individuals to deposit any excess cash into a bank account or invest it in safe and reliable financial options. Keeping large amounts of money at home not only puts individuals at risk of armed robbery but may also lead to legal complications. By using banks and financial institutions to store money, people can ensure the safety of their funds while remaining within the bounds of the law.
Recent robbery at Alpha Omega farm
A recent incident underscores the dangers of keeping large sums of money in unsecured locations. On March 18, 2025, an armed robbery occurred at Alpha Omega Farm in Marondera, home to Lucy Muteke (also known as "Madzimai Lulu") and her family. The robbers, armed with rifles, pistols, and machetes, targeted the family after learning about the large sums of cash held at the property.
The assailants managed to steal US$75,000 in cash, believed to be part of the bride price paid by businessman Wicknell Chivayo during a recent traditional wedding ceremony. The robbers also made off with other personal valuables, including mobile phones and firearms. The highly organized group of attackers arrived in a large white truck and executed their heist with military-style precision.
Police reported that three armed security guards stationed at the farm were overpowered by the robbers, who proceeded to raid the house, demanding money and valuables from the family. While a neighbor attempted to intervene by firing shots to scare off the robbers, the gang made a swift escape.
Authorities are continuing their investigation into the incident, urging the public to come forward with any information that may lead to the identification of the perpetrators. In the wake of this robbery, the ZRP has reiterated its advice for people to avoid keeping large sums of cash at home, to protect both their safety and their finances.
The surge in armed robberies across Zimbabwe serves as a stark reminder of the risks involved in holding large amounts of cash at home. To protect yourself and your property, it is crucial to store money securely in a bank account or other safe investment options. Furthermore, adhering to the legal limits on cash storage can help you avoid potential legal issues while safeguarding your financial security.
Stay vigilant and ensure that your financial practices align with Zimbabwe's laws to prevent becoming a target of criminals.
Source - online
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