The Monetary Policy Statement (MPS) is out and as we expect, the RBZ has announced some surprise regulations. The war against mobile money is far from over it appears…
What’s the new rule?
Under the section titled “measures to address mobile banking deficiencies” is a set of new regulations. Mobile money operators “shall with immediate effect close all multiple wallets and allow just one wallet per individual.” Yes, you read that right! If you have multiple accounts on EcoCash, that won’t be the case for long.
A lot is unclear…
As is always the case with these “immediate-effect-regulations” that RBZ has been issuing throughout the year a lot isn’t clear;
- The MPS doesn’t explain how this will be done. Will people with multiple mobile wallets from one provider be the only ones affected? If someone has one Telecash, EcoCash and OneMoney wallet are they safe or they too will have those closed?
- The RBZ doesn’t explain what will happen to money in the accounts being closed;
- In the event that an individual has multiple wallets, it’s not clear how mobile money operators determine which account to close.
Why limit mobile money wallets?
Limiting individuals to a single account has been done to counter agents who were using multiple lines;
Following the suspension and freezing of agent and bulk-payer wallets on 27 June 2020, mobile money operators have allowed illegal foreign currency dealers to use multiple individual wallets as a means to bypass the transaction limits and continue with their illicit transactions.
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Comments
21 responses
They will be advised to close all other wallets except for the one with smallest balance
You cant just close when there is money inside the wallet. You have to give clients an option on the USSD to simply click close wallet for it to be ineffective. Otherwise you kill the use of mobile money in the country. Just you watch people tonight will sweep their money via wallet to bank transfers or purchases before end of day. These rules cause financial panic i tell you. They should announce and be clear not to say with immediate effect. Thats really bad PR.
That’s what they want to limit massive movement on mobile money wallets to the Bank. And they can now penalize the Bank. Kkkkk. Like Chiwenga would say. Simple
This is an attack on Econet, because they are after the fact that econet had multiple agents and lines per individual versus other operators chances are people have two three econet lines all on ecocash. So what would happen is, one money may have an indiividual with one line. Say if Econet subscribers with ecocash were about 5million. Effectively the extra lines would result in up to say 8 to 9 million accounts. Or even more. Effectively if One money had 2million accounts, that means econet accounts come down back to close to 5milliona again. Meaning you have effectively affected their market share in a way.
Its bad governance. What happened to zimwsitch being used. It does not support entrepreneurship in any way if a gov can have such tight mkney control measures you may as well kiss real investors goodbye. Its too risky to invest in Zim with such autocratic ruling measures. That work on pull himmdown syndromes
Stop being reactionary. Let Econet,Netone etc speak for themselves.Econet had allowed you money changers kill us.
It’s called leveling the playing field. It means you now have to use 1 line for each MNO that is why they want all Mobile Money Wallets to link to ZimSwitch. Meaning zvese rate rent repa Ecocash rinenge ravhariswa. Like Chiwenga would say, simple. Saka dealer anenge akukubvunza Wallet yauri Kuda kushandisa as they will be integrated.
Econet only allows 2 ecocash accounts per ID ,so how can they be 5 per individual?
This is brilliant. Biznes must operate wallets which can be monitored. The merchants, agents, billers are good enaf for business. RBZ is putting up a very good fight. We all see the results and benefit to a povo like me. Now I can reasonably budget for my groceries just to start wt. Money supply or growth MUST BE MONITORED AND CONTROLLED else they aren’t a central bank
Central bank kudini kowo. Pane asingazive kuti even RBzanu ikaita a good thing it would be for the benefit of the party not povo. I am putting my money into crypto ethereum. DO NOT TRUST ANY FIAT given by any govt
A very good move…. rates are going to fall
lol how will they fall iko kune auction ikukwidza rate yega yega…
Where does ZANU PF fit here?Your pockets are finally emptying
true
It should be one PER PROVIDER not one zvachose coz you are just gonna create a bigger monopoly if you force people to use just one. I hope they don’t mean one zvachose-chose coz ovias people will just be forced to choose the biggest one that’s accepted in most places.
Not sure about whether this is good or bad. However, its good to see the regulator finally doing something? My challenge with the regulator is in using the wide net which catches even crabs like some of us. But what are the options?
pakaipa
Why limit mobile money wallets? Why do you need more than one mobile wallet from the same provider?
Useless policies. Instead of making things easier for us they make us suffer!! Stupid!!
Money changer in the dust bin
The level of ignorance is shocking or may be drliberate. it obvious one wallet per person per mno! its that simple but hameno kuti chii! mobile money dealers are in trouble. Mangudya is working hard for the common person. Well done
A good move, these money changers has caused havod in the market. They inflated the rates.