Mobile money company Ecocash is now limiting transactions by individuals to ZWL$5 000 per day in line with a directive from the Reserve Bank of Zimbabwe (RBZ).
In a notice to all its customers, Ecocash said the ZWL$5 000 per day limit applies to all individual transactions which include payments to merchants for goods and services and payments for utility bills, send money and purchase data and airtime, and wallet to bank transfers, among other things.
Ecocash has also banned individuals from having more than one account. Agents’ mobile money wallets have also been banned.
At the current black market rate of about 105 to the USD, ZWL$5 000 is equivalent to USD$48. In Rand terms, it’s about R800. Using the official rate of 83, ZWL$5,000 is equivalent to US$60.
This means that an individual will need at least a week to pay for durable items such as household or office furniture using mobile money platforms.
Below is the company’s notice to its customers:
Dear Valued Customers Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect:
1. Transactions by all individuals shall be pegged at a maximum of ZW$5,000 (five thousand Zimbabwe dollars) per day with immediate effect. This threshold relates to all transactions by the individual, including:
a. Payments to merchants for goods and services and payments for utility bills
b. Send Money and purchase of airtime and data
c. EcoCash Debit Card
d. Wallet to bank transfers
2. With immediate effect, no individual shall be allowed to operate more than one EcoCash
3. Merchants and Billers will continue to accept EcoCash Payments from customers.
a. Merchants and Billers are required to liquidate funds in their wallets to their Bank accounts only.
a. Agents’ mobile money wallets are to be abolished with immediate effect
b. Funds in frozen Agent lines will only be liquidated into the Agent’s Bank Account. The
liquidation will require RBZ approval on a case by case basis
5. Bulk Payers
a. The Reserve Bank of Zimbabwe shall only approve the use of Bulk Payer lines for purposes of:
i. Disbursing low-value payments, such as disbursements for humanitarian aid
ii. Payments related to agricultural activities
b. Funds in frozen Bulk Payer lines can only be liquidated into the Bulk Payer’s Bank
Account upon approval by the Reserve Bank of Zimbabwe for each Bulk Payer
We would like to reassure all our valued customers that EcoCash is committed to offering mobile money services that make a difference in people’s lives.
We would also like to take this opportunity to thank you for your valued and continued support.