Breaking: RBZ Bans Cash-In, Cash-out & CashBack Facilities On All Mobile Money Platforms

   
21 comments

According to ZBC, Reserve Bank of Zimbabwe (RBZ) has reportedly issued a directive instructing EcoCash and other mobile money providers to stop facilitating cash-in and cash-out transactions.

Here’s the full RBZ directive:

1. It has come to the attention of the Reserve Bank of Zimbabwe that some economic agents are engaging in illegal activities abusing the cash-in, cash-out and cash-back facilities thereby compromising the public interest objectives of national payment systems in the economy.

2. Notable activities include the buying and selling of cash through mobile money agents at high rates above the approved charges for cash-in and cash-out with some economic agentsnot banking cash sales under the disguise of cash-back services.

3. The charging of commissions outside the approved framework adversely affects the smooth operation of payment systems and have the negative effect of distorting pricing of goods and services.

4. In view of the above, all mobile payment system providers and merchants are hereby directed to discontinue cash-in and cash-out with immediate effect.

5. Furthermore, all economic agents are, with immediate effect. directed to discontinue cash-back facilities.

6. Banks, mobile payment system providers and other economic agents are reminded of the need to ensure that the entire ecosystem operate within the confines of law and enforce compliance.

7. Please be guided accordingly.

J. Mutepfa (Mr.) DEPUTY DIRECTOR
FINANCIAL MARKETS, NATIONAL
PAYMENT SYSTEMS 30 September 2019

Also read: Strive Masiyiwa’s Comments On EcoCash Agents Selling Cash Are Hypocritical

Also read: RBZ Troubled By Agents Selling Cash


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Comments 21

Jupiter
one year ago

They are approaching the problem from the wrong end as always. They are treating the symptoms instead of curing the disease. Any measures put in place to deal with symptoms and not address causes will fail and probably make the situation far worse. There is a shortage of cash and forex on the market until that is remedied properly we will be chasing our tails.

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cathy
one year ago

How is this going to help with the cash shortages, we are already experiencing?

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Dave
one year ago

Another not so well thought out rash decision, they also lose out on their 2% revenues from Ecocash which is by far the largest transacting platform, they’ve shot themselves in the foot

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    Anonymous
    one year ago

    Exactly my thoughts too…😜

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    Nono
    one year ago

    Exactly my thoughts too…😜

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SG
one year ago

We are now trading using ZIPIT

They should close banks too

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    Togo
    one year ago

    DUDE
    Zipit is directly monitored by RBZ remember unlike Ecocash!

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Fraser
one year ago

Is this the best solution guys

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Black
one year ago

Sometimes these guys think like they haven’t been to school. There is cash shortages in Zimbabwe. That’s what is causing all that, they should just make cash available and see if this will happen. This is just adding salt to the wound because they are not gonna make cash available and then what next? I should just go to the bank and get as much cash as I want, otherwise if that’s not the case we should just continue with mobile transactions

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Son of a Rozvi
one year ago

This kind of tuck shop mentality when operating such a huge institution will sink us deeper into chaos. How does this solve hyperinflation or cash shortages? This will result in a higher demand of cash hence higher charges to get it on the black market. It’s also interesting how the black market never run dry of cash when they don’t print money 🤷🏿‍♂️

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Evans
one year ago

When the water is dirty you don’t break thhe tap

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    Jupiter
    one year ago

    Very good analogy

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    Anonymous
    one year ago

    Very correct

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      Cables
      one year ago

      that’s true

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Masvingo Zimuto
one year ago

Cash in Cash out died a long time ago

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widzo
one year ago

wongorora chikonzero chaita musoro uteme

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Andrew kaseke
one year ago

This is the best solution what the RBZ has done this facility of cash in cash out was of late being grossly abused by ecocash Agents in Mbare there was now an area which was being called ku Ma Bank

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Ini
one year ago

A couple of weeks back Zimbos were excited about that funny letter to Ecocash on agents by some funny organization. Well RBZ has intervened as per your wishes. Ecocash was the problem, so I guess problem solved. MaZimbo takadzungaira

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Anonymous
one year ago

Thats accelarating the whole country in reverse

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Mude
one year ago

Thats accelarating the whole country in reverse

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Anonymous
one year ago

WE back ward instead of going forward

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