The Reserve Bank of Zimbabwe (RBZ) has reopened the Mobile money platforms that were closed Monday morning, this time with strict conditions on the cash out facility.
The new development will now allow consumers to cashout a maximum of ZWL$100 per transaction whilst the cash in and cash back facilities remain unchanged.
“To this end, Payment System Providers and Agents are here by advised that the cash out facility is now capped at $100 per transaction with immediate effect. Related to that, existing operational cash in and cash back limits shall remain,” read part of the statement.
The new regulations were revealed today through a press statement released by Reserve Bank Governor John Mangudya.
In the statement Mangudya justified the RBZ’s directive to close the cash-in cash-out facility saying it “was issued to protect the transacting public from some mobile banking agents leveraging and abusing the payment ecosystems”
Mangudya further said the RBZ would be injecting more cash into circulation, whilst allowing banks to issue cash to consumers.
Mangudya said the Financial Intelligence Unit will enhance its monitoring strategies and warned Financial Institutions and Agents to adhere with the principles of Know Your Customer (KYC) and Customer Due Diligence (CDD) to prevent abuse of the payment systems.
