Mo­bile money lim­its capped at $10

Chronicle (Zimbabwe) - - Business Chronicle - Oliver Kazunga

SOME mo­bile money trans­fer ser­vice agents in Bu­l­awayo have capped cashout lim­its to a max­i­mum of $10 per trans­ac­tion as the cash cri­sis in­ten­si­fies.

The mo­bile money trans­fer ser­vice sec­tor is dom­i­nated by Econet through EcoCash while NetOne and Tele­cel of­fer OneWal­let and Tele­cash re­spec­tively.

A snap sur­vey car­ried by Busi­ness Chron­i­cle yes­ter­day showed that some mo­bile money trans­fer agents in the city had capped their cash-out lim­its to a max­i­mum of $10 per trans­ac­tion un­like in the past where cus­tomers would cash out to a max­i­mum of $500 per trans­ac­tion with a daily limit of $1 000.

An EcoCash agent along Her­bert Chitepo Av­enue said: “I am only al­low­ing cus­tomers to cash-out $10 per trans­ac­tion be­cause of the cash cri­sis that has in­ten­si­fied in the past few days,” said the agent pre­fer­ring not to be named.

An­other EcoCash agent who also re­fused to be named said they had capped the cash-out lim­its to a max­i­mum of $10 per trans­ac­tion as a way of try­ing to ser­vice all their cus­tomers.

“We are do­ing this as a way of try­ing to en­sure that all our clients have ac­cess to cash,” said the agent.

A tele-cash agent said her busi­ness has been low since the cash cri­sis be­gan.

“The vol­ume of my trans­ac­tions per day has gone down dras­ti­cally to the ex­tent that I hardly process trans­ac­tions amount­ing to $100 a day. In the past, I used to process trans­ac­tions worth about $300 a day.

“As long as I have the money, cus­tomers can cash out the re­quired amount,” she said.

Due to the cash short­ages the coun­try has been ex­pe­ri­enc­ing since April, the Re­serve Bank of Zim­babwe has en­cour­aged the trans­act­ing public to use plas­tic money and elec­tronic pay­ment sys­tems.

The cen­tral bank has blamed the cash cri­sis on mas­sive ex­ter­nal­i­sa­tion, low ex­ports and hoard­ing of the United States dol­lar which is on high de­mand be­cause of its strength­en­ing value against re­gional cur­ren­cies.

The mon­e­tary au­thor­i­ties have since come up with a raft of mea­sures aimed at curb­ing ex­ter­nal­i­sa­tion of the US dol­lar. — @okazunga

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