Financial services provider CABS has with immediate effect operationalised a single payment per subscriber per month through system through its banking channels as a way of managing foreign payments.
CABS decision comes barely a month after the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya made stunning revelations that Zimbabwe had spent not less than $40 million in DStv foreign subscriptions.
By TechnoMag Reporter
In a statement, Cabs said they have halted the processing of DStv payments to non CASB account holders.
“DStv transactions are now restricted to a single payment per month. In other words, a CABS account holder will only be able to pay the equivalent of one selected bouqet per month (with add ons such as PVR and HD Access)
“The DStv bill payment fee has been pegged at $2.05 inclusive of the $0.05 stamp duty, across all CABS delivery channels. The Society will no longer be processing DStv payments for non-CABS customers until further notice. This means that all DStv payments must be made through a CABS account. Walk in customers will be encouraged to open an account with Cabs including textacash accounts for which cards can be issued instantly,” said the company.
CABS followed the directive to allow single payment per month for DStv payments.
Presenting the 2017 monetary policy statement, the RBZ governor said card transactions and DStv subscriptions were the second largest user (after fuel) of foreign exchange during the second half of the year.