August 25

Reserve Bank of Zimbabwe Reins in Mobile Money Companies

By Kudzanai Gerede

The Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya has ordered mobile money companies to immediately stop registering multiple individual wallets which are being used as conduits for bypassing regulatory transaction limits by illicit money dealers in its latest mid-term monetary policy statement released today.

The Central Bank noted significant weaknesses in the systems of the mobile payment operators, namely Ecocash, OneMoney, Telecash and Mycash in its forensic audit leading to a raft of remedies.

On the 27th of June, the RBZ suspended and froze agent and bulk-payer wallets to curtail the rapid spiraling of the exchange rate on the black market but since then, illicit money traders have been using multiple wallets to bypass transaction limits.

Photo courtesy of Simon Berry

Source: allAfrica (link opens in a new window)

financial inclusion, fintech, governance