Zimbabwe’s central bank (RBZ) has reinstated mobile money cash-out payouts in the country. This action was taken after Econet filed an urgent application with the country’s High Court to stop the apex bank’s ban on mobile money cash-out payouts.
The apex bank has initially banned mobile payment system providers from using the cash-in and cash-out facilities. According to RBZ’s governor JP Mangudya, the bank issued the ban to protect the public from some mobile banking agents who were abusing payment facilities.
According to the bank, some agents were buying and selling cash via mobile money agents at exorbitant rates higher than the approved charges. The bank also noted that some agents were not banking cash sales, as they claim its for cash-back services.
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However, in its statement yesterday that payment systems play an important role in facilitating economic activities in the country.
The apex bank also introduced a new dollar cap. This was confirmed in JP Mangudya’s statement “To this end, payment system providers and agents are hereby advised that the cash-out facility is now capped at $100 per transaction with immediate effect. Related to that, existing operational cash in and cash-back limits shall remain.”
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