The Reserve Bank of Zimbabwe ( RBZ) will soon start monitoring all suspicious mobile money transactions which have allegedly contributed to a serious spike of the USD.
The exchange rate has apparently risen to abnormal figures, currently trading at 1:45 on the black market.
Addressing members of the media on Wednesday, the Minister of Finance and Economic Development Minister Mthuli Ncube said the reserve bank of Zimbabwe (RBZ) intends to place a cap on daily bulk money transactions as mobile platforms have become spectrums of illegal business dealings.
Mthuli said, “Mobile money platforms have become an instrument which is being used by unscrupulous businesses to illegally trade foreign currency undermining the economy.”
“The RBZ is therefore currently reviewing all regulations covering such to ensure that all transactions are legitimate.”
He added that a currency stabilization task force will inspect the daily profits being submitted by the mobile platforms to the financial intelligence unit of RBZ.
Zimbabwean mobile money agents, mostly with the dominant EcoCash platform, have been capitalizing on cash shortages in the country subjecting people to additional cash out charges.
Late last year, the central bank issued a directive for all mobile payment system providers and merchants to discontinue cash in and cash out services alleging that these mobile agents were causing more misery on citizens by charging high cash out rates thereby effectively devaluing the local currency against the US dollar.
Currently, the maximum amount for transactions is stipulated at RTGS$1000 and the transaction limit for cash out is RTGS$100.