CONSUMERS can still use mobile money platforms to pay for goods and services, while agent and merchant lines have been suspended with immediate effect.
In a statement last night, the Reserve Bank of Zimbabwe (RBZ) reinforced Government’s directive to suspend mobile money transactions.
However, the move would affect holders of agent and merchant lines while regular transactions for members of the public continued normally.
These measures targeted those behind mobile money shenanigans that have been haemorrhaging the economy through illicit financial transactions.
On Friday, the Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services Mr Nick Mangwana said mobile money transactions and trading on the Zimbabwe Stock Exchange (ZSE) had been suspended to pave way for investigations into illegal dealings connected to the foreign currency black market.
This came on the back of credible evidence that some of the transactions bordered on criminality and creating artificial money.
In yesterday’s statement, RBZ Governor Dr John Mangudya further clarified the suspension of the mobile money platforms, saying ordinary transactions would not be affected.
“Members of the public are assured that their bona fide transactions will be processed normally.”
The central bank boss said the measures were targeted at mobile money agents and merchant transactions that have been used as conduits for illicit financial activities.
“Following the Government press release on the suspension of monetary transactions on Mobile Money Platforms (One Money, My Cash, EcoCash and Telecash) dated 26 June 2020, the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public as follows:
“All mobile money agents are suspended from facilitating mobile financial transactions with immediate effect;
“All merchant transactions are suspended except for receiving payments for goods and services as well as payment of utilities (water, power and airtime), which have been limited to $5000 per day for the convenience of the transacting;
“All mobile money liquidations should be done through the banking system; and all bulk payer transactions have been suspended with immediate effect.”-The Sunday Mail
