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RBZ imposes one Wallet Account per individual policy

In a move suggested to suffocate rampant illegal foreign currency business in the country, the Reserve Bank of Zimbabwe on Friday introduced a policy that limits mobile wallet users to only account per individual.

To this effect, mobile money operators have been directed to close all multiple accounts owned by individuals.

RBZ made the announcement on Friday in its Mid term monetary policy statement , “Following the suspension and freezing of agent and bulk-payer wallets on 27 June, 2020, mobile money operators have allowed illegal foreign currency dealers to use multiple individual wallets as a means to bypass the transaction limits and continue with their illicit transactions.”

“Mobile money operators shall, with immediate effect, close all multiple wallets, and allow just one wallet per individual, “ RBZ said.

Following the recent daily and monthly limits pronouncement by the central bank, foreign currency dealers had resorted to multiple accounts to to sustain their operations by pass transaction limits.

And this has been aiding continued rise in foreign currency exachange rates.

The transaction limits were influenced by the Financial Intelligence Unit ( FIU) directives to put a cap on transactions on allegations that high amount transactions were being used to fuel the black market.

Meanwhile, mobile money agents have been banned ,Merchants shall not make payments from their wallets , bulk payments to be approved by regulatory authorities for limited use.

RBZ ban mobile Agents

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