RBZ freezes accounts

The Reserve Bank of Zimbabwe (RBZ) has clarified government statement on the banning of Ecocash and other mobile money transactions.

According to RBZ Only agents and merchants have been suspended.

The new statement by the Reserve Bank of Zimbabwe enables individuals or members of the public to transact on Ecocash and One Money but prohibits agents and merchants from using the service.

Part of the RBZ Statement on the suspension of monetary transactions on phone-based mobile money platforms reads:

Following the Govemment Press Release on the Suspension of Monetary Transactions on Mobile Based Money Platforms (One Money, MyCash, Ecocash and Telecash) dated 26 June 2020, the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public as follows:

a) All mobile money agents are suspended Aom facilitating mobile financial transactions with immediate effect.

b) 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 up to ZW$5000 per day for the convenience of the transacting public.

c) All mobile money liquidations should be done through the banking system.

d) All bulk payer transactions have been suspended with immediate effect. These unprecedented measures have been necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and unpartisan individuals and entities to create instability and inefficiencies in the economy.

Members of the public are assured that their bona-fide transactions will be processed normally.

John P. Mangudya Governor 27 June 2020

Leave a Reply