As Zimbabwe’s currency continues to take a beating, the country’s leading consumer payments platform, EcoCash has revised its ceiling on transactions. These limits are set with the approval of the RBZ. Given that the central bank is in denial as to the actual value of its currency the revisions come short of what the market really needs. It’s a welcome change all the same.
Sending money (peer to peer)
The limit for sending money has been increased from $1 000 to $5 000 per transaction.
Paying a merchant can now be done up to $10 000 in one transaction. The previous limit was $3 000. The limit is still very limiting. You can’t buy a modest smart phone for $10 000 anymore for example.
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Bill payment limit is now $10 000 as well. The old limit was $2 000.
EcoCash customers who are not linked to a debit card or a bank account can transact up to only $5 000 in any given day. This sounds too little but it is of course better than the old limit of $2 000.
Customers who are linked to a debit card have their limits increased from $5 000 to $10 000. Those with their EcoCash linked to a bank account can transact for up to $25 000, an increase from $10 000.
There is now a new class of customers they are referring to as ‘Executive Grade.’ These customers are allowed to transact up to $30 000 in a day.
Customers who are not linked to a debit card or a bank account are now allowed to transact up to $20 000 per month which is an increase from $10 000.
If linked to a debit card, customers will be allowed to transact up to $35 000 per month. Previously the limit was $25 000. Customers whose EcoCash wallet is linked to a bank account can now transact up to $150 000 in a month, up from $50 000.
The Executive Grade customers will transact up to a monthly limit of $250 000.