Zimswitch has with immediate announced an increase in the monthly limit to 400 000 from a transactional limit of $25 000 for person to person transactions.
This is certainly good news to most people who have been confined to maximum transaction limit of $25 000 a figure that has now been moved to $100 000.
The total amount a person can move per month is now $400 000 at maximum batches of $100 000 each.
Zipit is a platform that interconnects bank to bank transactional communication , without human interference for authorization.
Zipit has become so popular in Zimbabwe because it has a capacity to make funds instantly reflect , without waiting or processing period, a critical issue for instant transactions.
The other major advantages is that Zipit has also been intergrated to Ecocash, meaning one can easily move funds from bank to Ecocash direct.
It is however not clear if the reserve bank has also lifted the embargo on Mobile money platforms like Ecocash, OneMoney or Telecash as they can only move $10 000 per transaction with a monthly limit of $100 000