EcoCash limits transactions to $5000 per day

In accordance with the Reserve Bank of Zimbabwe’s Monetary Policy Statement on Friday EcoCash put out the following press release:

EcoCash
Notice to All EcoCash Customers
Dear Valued Customers
Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect;

1. Transactions by all individuals shall be pegged at a maximum of ZWS5,000 (five thousand Zimbabwe dollars) per day with immediate effect. This threshold relates to all transactions by the individual. including;
a. Payments to merchants for goods and services and payments for utility bills
b. Send Money and purchase of airtime and data
c. EcoCash Debit Card
d. Wallet to bank transfers

2. With immediate effect, no individual shall be allowed to operate more than one EcoCash line.

3. Merchants and Billers will continue to accept EcoCash Payments from customers,
a. Merchants and Billers are required to liquidate funds in their wallets to their Bank accounts only.

4. Agents
a, Agents’ mobile money wallets are to be abolished with immediate effect
b. Funds in frozen Agent lines will only be liquidated into the Agent’s Bank Account. The liquidation will require RBZ approval on case by case basis

5. Bulk Payers
a. The Reserve Bank of Zimbabwe shall only approve the use of Bulk Payer lines for purposes of:
i, Disbursing low-value payments, such as disbursements for humanitarian aid
ii, Payments related to agricultural activities

b. Funds in frozen Bulk Payer lines can only be liquidated into the Bulk Payer’s Bank
Account upon approval by the Reserve Bank of Zimbabwe for each Bulk Payer

We would like to reassure all our valued customers that EcoCash is committed to Offer mobile
money services that make a difference in people’s lives. We would also like to take this
opportunity to thank you for your valued and continued support.

EcoCash

You should also read:

RBZ announces mobile money rule: Individuals can’t have more than one wallet anymore

Agent lines banned by RBZ as “they no longer serve any legitimate purpose”

EcoCash & others given until 30 September to connect to ZimSwitch

RBZ details faults of mobile money services which led to regulatory pressure