Harare - The Reserve Bank of Zimbabwe (RBZ) has outlawed all cash transactions on all mobile money platforms, in a bid to curb the rampant ...
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Harare - The Reserve Bank of Zimbabwe (RBZ) has outlawed all cash transactions on all mobile money platforms, in a bid to curb the rampant abuse of these facilities by money dealers.
The directive was issued today by the central bank’s deputy director for financial markets and national payment systems Josephat Mutepfa.
Below is the full RBZ statement.
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.
Below is the full RBZ statement.
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.
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| RBZ Bans Mobile Cash Transactions |
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 arc, with immediate effect. directed to discontinue cash-back facilities.
6. Banks, mobile payment system providers and other economic agents arc reminded of the need to ensure that the entire ecosystem operates within the confines of the law and enforce compliance.
Please be guided accordingly.
J. Mutepfa (Mr.) DEPUTY DIRECTOR FINANCIAL MARKETS, NATIONAL PAYMENT SYSTEMS 30 September 2019
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