Reserve Bank of Zimbabwe (RBZ) is reviewing all mobile money platform regulations with the intention of placing limits on daily bulk payer transactions according to Finance Minister Professor Mthuli Ncube.
The central bank is also intended to ensure compliance with the 2% Intermediated Money Transfer Tax (IMTT).
“While mobile money platforms have made a significant contribution to facilitating trade and payments in the country, they have also become an instrument which is being used by unscrupulous businesses to illegally trade foreign exchange and undermine the economy,” Ncube said.
“Additionally, the daily returns being submitted by the mobile platforms to the Financial Intelligence Unit of the RBZ will be scrutinised very carefully by the Currency Stabilisation Task Force to ensure that all transactions are legitimate and are in accordance with the financial regulations in place.”
Last year the central bank maximised amount for transactions at RTGS$1000 and limited cash-out to RTGS$100 for mobile money platforms to deal with agencies selling the much-needed cash.
The limit did not do much as agencies continue to charge 40% to people who would want to access cash.
RBZ blames malpractices on mobile money platforms for the current inflation that has devalued the local currency and spike the USD up.
Cash shortages in Zimbabwe have led to mobile money platforms agencies selling currency to those making cash-out transactions.
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