The Reserve Bank of Zimbabwe (RBZ) has reportedly issued a directive instructing EcoCash and other mobile money providers to stop facilitating cash-in and cash-out transactions.

Here’s the full RBZ directive:

1. It has come to the attention of the
Reserve Bank of Zimbabwe that some
economic agents are engaging in
illegal activities abusing the cash-in,
cash-out and cash-back facilities
thereby compromising the public
interest objectives of national
payment systems in the economy.

2. Notable activities include the buying
and selling of cash through mobile
money agents at high rates above the approved charges for cash-in and
cash-out with some economic agents
not banking cash sales under the
disguise of cash-back services.

3. The charging of commissions outside the approved framework adversely affects the smooth operation of payment systems and have the negative effect of distorting pricing of goods and services.

4. In view of the above, all mobile
payment system providers and
merchants are hereby directed to
discontinue cash-in and cash-out
with immediate effect.

5. Furthermore, all economic agents
are, with immediate effect. directed
to discontinue cash-back facilities.

6. Banks, mobile payment system
providers and other economic agents
are reminded of the need to ensure
that the entire ecosystem operate
within the confines of law and
enforce compliance.
7. Please be guided accordingly.