Mobile Money service providers Ecocash and One Wallet have announced a review on transaction limits for their platforms , with an added a relaxation.
Customers of both mobile money wallets can now transact ZWL$35000 per week, while the limit can be used in one or more days.
What this means for customers is that they are able to transact all the weekly ZWL$35000 in a day as compared to before were the daily limit was ZWL$5000.
Both mobile money wallets announced the new development to its customers via SMS on Thursday Ecocash said , “ Good News EcoCash individual spending limit is now ZW$35,000 per week. You can use up this limit in 1 or more days. The limit per each transaction is ZW$5,000.”
One money message to subscribers reads, “ Please be advised that One Money transactional limits have been increased to ZWL$3500 per week the limit per transaction is $5000.”
A directive was issue din September requiring mobile money wallets to put a cap on transaction limits at ZWL$5000 per day.
The move was part of the Reserve Bank of Zimbabwe efforts to curb illicit forex currency deals which the central bank believes were being fuelled by mobile money transactions.