Individual mobile money transactions to be processed normally: RBZ

By Stanely James
THE Reserve Bank of Zimbabwe (RBZ) has with immediate effect suspended all mobile money agents from facilitating mobile financial transactions and bulk transactions.

In a statement released this Saturday, RBZ Governor Dr John Mangudya said the move is being made following a government suspension of monetary transactions on mobile-based transactions such as One Money, Ecocash, Mycash and Telecash.

The central bank governor says all merchant transactions are also suspended except for receiving payments for goods and services as well as payment of utilities such as water, power and airtime which have been limited to 5000 Zimbabwe dollars per day.

Transactions relating to mobile money liquidations are now being required to be done through the banking systems only, says the central bank.

As part of efforts to stamp out indiscipline in the financial mobile markets, the central bank has also with immediate effect suspended bulk transactions.

Dr Mangudya says the latest measures are being made to protect consumers on mobile money platforms which are being abused by unscrupulous individuals and entities to create instability and inefficiencies in the economy.

The central bank has urged members of the public not to panic as their bona fide transactions will be processed normally.

This Friday, the government announced that phone-based mobile transactions and trading on the Zimbabwe Stock Exchange have been suspended with immediate effect to allow investigations into illegal dealings connected with the foreign currency parallel market and to put in place reforms that restore mobile money platforms to their original purpose.

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