Econet complies with RBZ directive on mobile money

A smartphone screen displays the Econet Wireless Zimbabwe Ltd. EcoCash mobile payment app, in Harare, Zimbabwe, on Friday, Dec. 29, 2017. Zimbabwean President Emmerson Mnangagwa said his new administration will woo investors and embark on an “all-out business initiative” to revive an economy that has halved since 2000 and provides jobs for just one in 10 Zimbabweans. Photographer: Waldo Swiegers/Bloomberg , Bloomberg

ZIMBABWE’S telecommunications giant, Econet, has abolished mobile money agents and reduced to a maximum of $5000 per day all individual EcoCash transactions in compliance with a directive from the Reserve Bank of Zimbabwe (RBZ).

In a statement, Econet said it has been directed by the monetary authority to implement the measures including reducing EcoCash line to one client while merchants and billers will continue to accept EcoCash payments from customers.

“Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect:

Transactions by individuals shall be pegged at a maximum of $5 000 per day with immediate effect. This threshold relates to all transactions by the individual, including payments to merchants for goods and services and payments for bills; send money and purchase of airtime and data; EcoCash debit card, and wallet to bank transfers,” it said.

The latest measures apply on all mobile money operators and are being implemented as part of bold steps to restore discipline and confidence in the financial services sector, which has recently been married by rampant manipulation of the exchange rate and illicit transactions that fuelled black market activity.