October 4

Analysis: Zimbabwe Cracks Down on Currency Dealers on Social Media and Mobile Money Platforms

By Tawanda Karombo

Zimbabwe is cracking down on social media and mobile money platforms to root out alleged “illegal currency dealers” that the government blames for a plunge in the value of the country’s local unit of exchange. But economists and tech experts warn that this amounts to shooting the wrong target.

Jee-A Van De Linde, an economist with Oxford Economics Africa, told Quartz “The fact that Zimbabweans are willing to pay premium prices for US dollars tells you that confidence in the local unit remains low.”

Photo courtesy of Kay McGowan / USAID.

Source: Quartz Africa (link opens in a new window)

cash transfers, financial inclusion, media and entertainment