More Africa NewsZimbabwe forces Econet to curb mobile money transactions

August 27, 2020by myles0

Econet Wireless is imposing restrictions that limit the size and range of transactions on its mobile money platform to comply with an order from the Reserve Bank of Zimbabwe.

The central bank is seeking to curb foreign exchange trading in the black market that it blames for weakening the local currency. The government has accused Econet’s mobile-money unit, EcoCash, which accounts for 98% of commerce in the country, of facilitating such dealings, which it has denied.

EcoCash has limited daily transactions to Z$5 000 (R1 000) for individuals, restricted its wallet service to one per customer and abolished agent lines, which previously could process large transactions, the company said in a statement.

The central bank has extended a 15 August deadline for all mobile network operators to process their mobile money operations through ZimSwitch, a state-owned national payments system, to 30 September. 

Source: Tech Central

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