Mobile money suspension: RBZ spares public

Mobile money suspension: RBZ spares public
RBZ Governor, Dr John Mangudya

Harare (New Ziana)-The Reserve Bank of Zimbabwe on Saturday spared the public from newly imposed restrictions on the use of mobile money platforms, a move which will bring relief to millions.

The government had banned mobile money transactions across the board on Friday, accusing operators of engaging in illicit financial deals detrimental to the economy.

In the tough government move, trading on the local bourse was also suspended.

But, following an outcry, the central bank spared the public from the mobile money suspension, and limited the restrictions to business.

The bank, which is the regulator for mobile money operators, said business could only be paid using these platforms and nothing else.

In imposing the suspension, the government cited evidence showing mobile money operators were engaged in widespread illicit transactions such as foreign currency trading that undermined both the economy and local currency.

In addition to restrictions placed on business over the use of mobile money platforms, central bank governor Dr John Mangudya said similar measures were being applied also to agents and merchants.

“Members of the public are assured that their bona-fide transactions will be processed normally,” he said.

“All mobile money agents are suspended from facilitating mobile financial transactions with immediate effect.

“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 to ZW$5000 per day for the convenience of the transacting public,” said the governor.

Mangudya said all mobile money liquidations should be done through the banking system while 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,” he said.

New Ziana

0Shares

New Ziana