August 21

Mobile Money Payment Limits in Zimbabwe Frustrating Business, Consumers

The Reserve Bank of Zimbabwe’s decision to continue restricting mobile money transaction limits at a time inflation has been rising has negatively affected the ease of doing business and hurt small businesses and the marginalized.

In June, the Central Bank introduced a cocktail of measures, including limiting daily mobile money transactions to $5 000 as well as suspending the mobile money platform’s agent and merchant lines in what it said were measures to stabilise the local currency, which has been losing value against major currencies since its re-introduction a little over a year ago.

The measures affected the three mobile money service providers – EcoCash, OneMoney and Telecash. EcoCash is by far the most popular of the three mobile money services, with over 94% market share of mobile money users.

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Source: The Zimbabwe Daily (link opens in a new window)

digital payments, financial inclusion