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Mobile money platforms effects ZWL$5000 daily limit

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Mobile money platforms has effected the ZWL$5000 daily limit on transactions as an act of compliance with the Reserve Bank of Zimbabwe recent regulation.

The Central Bank recently directed a limit on transactions as part of its efforts to solve illegal foreign currency trade in the country.

While the RBZ allege that Mobile money platforms have been fuelling the black market causing rampart illegal forex dealings.

Looks like mobile mobile platforms Telecash , OneMoney and Ecocash have all complied to the regulation.

OneMoney announced the development to its customers on Saturday , “ Dear Customer. Following a RBZ directive, OneMoney transactions are now limited to $5000 per day with immediate effect. Inconveniences caused are regretted.”

While Ecocash customers had already received the limit notification in a statement on Wednesday , “ Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect Transactions by all individuals shall be pegged at a maximum of ZWS5,000 (five thousand Zimbabwe dollars) per day with immediate effect.”

Telecash announced to its customers that , “ Following the directive made by the RBZ the individual transaction limit has been set at ZWL$5000 per day , including buying airtime , merchant payments , bill payments and wallet to bank transfers.”

However , such a move limiting transactions is greatly impacting on the amount of spending considering the prices of basic goods in retail outlets.

Customers are already encountering the challenge of transaction limits when purchasing.

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