Daily 5000 Rtgs Limit To Protect Financial System- Mangudya

Reserve Bank of Zimbabwe governor, Dr John Mangudya says the daily limit of $5000 rtgs on mobile money transfer is there to protect the financial system from abuse.

In an interview with 263times , Dr Mangudya said the daily limit is to promote financial inclusion.

“We are working with the mobile banking operators on the limits that take account of the need to promote financial inclusion whilst at the same time protecting the financial system from abuse.” He said.

The RBZ last month banned the use of Ecocash, One Money and other mobile money transfer agent lines and many jobs were lost in the already high unemployment rate economy.

Dr Mangudya said the banning of agent lines for mobile platforms is to protect the Zimbabwe financial system.

“The ban on agent lines for all mobile banking platforms (not only for Ecocash) was done to protect the Zimbabwe financial system from phantom money.” He said

Furthermore, Ecocash and One Money customers are complaining about the limit of their freedom of transaction since the new law says a person should only have one Ecocash and One money account.

Dr Mangudya however had this to say:

“People didn’t lose money because they are allowed to move their money from the agent line to their bank accounts.” He said.

Meanwhile, Econet Chief Commercial Officer, Mr Fungai Mandiveyi said as Econet they continue to wait upon the authorities to find solutions for these challenges.

“We continue to engage the relevant authorities to find solutions for the challenges facing EcoCash users and customers” He said.



Yeukai is a professional and experienced journalist, broadcaster & writer.

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