Chronicle (Zimbabwe)

Mobile money limits capped at $10

- 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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