Zimbabwe and regional technology news and updates


You Can Now Do More Than Two Bank Transfers A Day. RBZ Reverses Decision.

The Financial Intelligence Unit (FIU) an agency of the Reserve Bank of Zimbabwe has reversed it decision issued on June 4th. The directive issued was to limit the number of internal bank transfers to 2 a day.

The turn around came after Members of The Bankers Association of Zimbabwe made an appeal to the Reserve Bank. Financial Analyst Happi Zengeni tweeted:

The Financial Intelligence Unit has revoked a directive issued to banks limiting internal transfer amounts following representations made by the Bankers Association of Zimbabwe. On June 4, the FIU directed all banks to limit internal transfers to just two per day.


The acting Director-General of the FIU Oliver, had on the 4th of June ordered banks to limit their transfers stating:

Each bank customer shall make no more than two transactions per day by way of internal transfer regardless of the values involved. There is no restriction on RTGS transfers but banks should exercise necessary due diligence.

This measure was implemented to slow down the slow down the parallel market transactions that were being done through internal transfers.

“We have noted a trend where entities are using their bank accounts to buy foreign currency, using a network of “runners”, some of whom have been advertising their services on social media. These illicit transactions manifest in the form of daily multiple payments from one account to beneficiaries who hold accounts in the same bank.”

Oliver Chaperesa, FIU Acting Director General

With the representations made by the Bankers Association yet to be released. My guess is the sheer amount of requests that were lodged to banks daily was part of the appeal. This process, I imagine, became cumbersome for financial institutions and inconvenient for customers. They would have also seen a decrease in revenue generated from internal transfers. The latter being the more likely reason.

Quick NetOne, Econet, And Telecel Airtime Recharge

7 thoughts on “You Can Now Do More Than Two Bank Transfers A Day. RBZ Reverses Decision.

  1. This article was not proof read AT ALL! Come on guys, was this even typed or used voice dictation coz the second paragraph, those are not even full coherent sentences.

      1. Journalists MUST be held accountable for what they write to the public. When was the last time you saw such errors on BBC, CNN etc??

        We DEMAND high quality articles from Techzim etc. It is this attitude of just doing the minimum which has ensured that we remain backward in Africa. Right now I am not sure why you are defending such laziness.

    1. Apologies, I have amended parts that I have seen to have been written improperly. If there are any other areas of the article that you think didn’t convey the message or you felt were indecipherable please let me know. Thank you for your feedback.

  2. No I will not do even one transaction. You don’t have to worry. I leave my money outside Zimbabwe much better.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.