Zimbabwe’s largest telecommunications company, Econet has complied to the Reserve Bank of Zimbabwe’s (RBZ) order to ban Ecocash agents countrywide.
In a public notice yesterday, Econet announced to their customers that they would comply to the RBZ demands.
“Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect: Transactions by individuals shall be pegged at a maximum of $5 000 per day with immediate effect.
“This threshold relates to all transactions by the individual, including payments to merchants for goods and services and payments for bills; send money and purchase of airtime and data; EcoCash debit card, and wallet to bank transfers,” Econet said.
Merchants and billers are required to liquidate funds in their wallets to their bank accounts only.
“Agents’ mobile money wallets are to be abolished with immediate effect. Funds in frozen agent lines will only be liquidated into the agent’s bank accounts,” said Econet, adding that the liquidation would require RBZ approval on case-by-case basis.
RBZ last week through it’s midterm monetary policy banned the use of all mobile money agents including one money and telecash.