THE Reserve Bank of Zimbabwe (RBZ) has given the green light for cash-out transactions on mobile money platforms, but capped it at $100 to minimise abuse.

This comes after the central bank had banned cash-in, cash-out and cash-back transactions on Monday, triggering a market reaction including frantic court action from a giant telecommunications company.
RBZ Governor Dr John Mangudya yesterday said payment systems facilitate economic activities in the country.

“As such, the Reserve Bank continues to promote digital financial services which contribute to financial inclusion and stability. Cognisance of that, enhanced monitoring mechanisms have been put in place by both the Reserve Bank and payment system providers to mitigate against abuse of payment systems and ensure abusers are brought to book.

“To this end, payment system providers and agents are hereby advised that the cash-out facility is now capped at $100 per transaction with immediate effect,” he said.State media