If you’ve been using your EcoCash Debit MasterCard to handle a number of international payments there’s a bit of bad news.
EcoCash has reduced the monthly transaction limit from US$5,000 to $1,100. This change was put into effect on the 10th of October 2016.
According to information that has been shared with some EcoCash Debit Card users, the new limits are for all types of payments (online and offline; local and international).
We sought comment from the RBZ and it’s yet to clarify on whether or not this is for all payment services (VISA, Mastercard), which institutions have been affected and how long the limits will be in place.
Services like the EcoCash MasterCard have enabled mobile money subscribers to pay for good and services from outside the country with money that is available in their mobile money wallets.
This has effectively extended international payments, which were previously for bank account holders, to the millions of mobile money users.
The card has also been a tool for Zimbabweans travelling abroad as they could access their EcoCash funds for payment of services in foreign countries.