ECOCASH has slashed Debit Card monthly limits for international use barely a few days after they announced that they would be reducing Debit Card issuance.
The move is in line with the central bank directive which aims at monitoring and reducing foreign expenditure. In a message Ecocash said the move to slash international card transactions was already effective.
Please note with immediate effect, Ecocash Debit Card monthky limits for international use have been reduced to ATM $50, POS $200 and Online payments $50.”
The EcoCash debit card was launched in July 2014, and it was anticipated that three million customers would be issued with the debit card within five years.
This has, however, been affected by shortages in foreign currency in the country, although the telecoms firm indicated the market had responded well to the initiative.
Mobile money transactions have become popular in recent time and it has been hailed for enhancing financial inclusion in the country.
According to the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) first quarter report, there are 3,25 million mobile money subscribers who were active in the first quarter of 2017.