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RBZ to constantly review 35K weekly transaction limit

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The Reserve Bank of Zimbabwe announced that the imposed weekly transaction limit will be constantly reviewed to allow mobile money wallet users to transact with convenience.

RBZ issued the announcement in regards to the Monetary Policy Committee conducted on October 2 2020.

Last week mobile money platforms reviewed the transaction limits toZWL$35 000 per week , allowing customers to spend the whole amount in a day.

In a statement RBZ said, “Maintaining the limit of ZW$5 000 per transaction for mobile money transactions and adopting a weekly limit of ZW$35 000. These limits will be reviewed continuously in line with the requirements and convenience of the transacting public.”

Mobile money wallets in August effected transaction limits to ZWL$5000 per day as an act of compliance to RBZ directive.

The Central Bank directed all mobile money players to effect a cap on transaction limits as measures to frustrate the black market , which RBZ believes was being fuelled by mobile money transactions.

The cap on transaction limits has however , affected spending while goods and services mostly reach beyond ZWL$5000 in the inflated economy.

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