Given that EcoCash has been under severe regulatory scrutiny over the past few weeks, its no surprise that the mobile money platform has taken the step to reduce transcation thresholds for certain transactions.
The affected transactions can be found below:
|Affected customer||Old Daily Limits (ZW$)||New Daily Limit (ZW$)||Old Monthly Limit (ZW$)||New Monthly Limit (ZW$)|
|customers linked to a bank||$25 000||$20 000||$150 000||$100 000|
|Farmers grade||$50 000||$20 000||$300 000||$100 000|
You may be wondering what that new Farmers Grade section is. So did I. An EcoCash representative explained to me that these are actually limits for farmers who are not treated as customers linked to a bank or a debit card. The representative also made it clear that they have been part of the customer segments for a long time and in previous limit indications were just not highlighted.
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The new limits are influenced by recent Financial Intelligence Unit (FIU) directives that have made it harder to transact using EcoCash. The monthly limits imposed by the FIU are woefully low and when you consider the economic devaluation taking place right now it’s easy to see how both customers linked to a bank and farmers especially will pass that threshold.
There are also a number of limits which have not changed at all and these include the following;
|Affected customer||Daily limit (ZW$)||Monthly limit (ZW$)|
|Customers not linked to bank/debit card||$5 000||$20 000|
|Executive grade||$30 000||$250 000|
|Transaction type||Amount (ZW$)|
|Send Money||$5 000|
|Merchant payments||$10 000|
|Bill payments||$10 000|