The daily and monthly Zipit limit transactions have been reduced with immediate effect and the new zipit limits have been announced by the Reserve Bank Financial Intelligence Unit.
Read part of the statement directed to all banks below:
Temporary Downward Review of ZIPIT Limits to ZW$20,000 per Day and ZW$100,000 per Month The FIU has noted that the existing ZIPIT transaction limits which have no monthly cap are being misused, primarily for illicit foreign currency transactions.
The current ZIPIT limits of ZW$100,000 per day allow a customer (subject to any bank-specific limits) to move about ZW$3 million per month, using a single account, and much more if he/she is multi-banked and/or uses third party accounts.
The FIU has noted KYC shortcomings in the ZIPIT system that make it difficult for banks, regulators, and law enforcement agencies to speedily identify counter-parties to a transaction, or to identify multi-banked users. Until such time when adequate safeguards are built into the ZIPIT system to minimize the money laundering risk, ZIMSWITCH is directed to implement, with immediate effect, daily and monthly ZIPIT limits of ZWS20,000 and ZWS100,000, respectively.
The limits have been arrived at cognizant of the reality that very few Zimbabweans earn more than ZW$100,000 per day and those who do have other payment options available for higher value transactions.