Zimbabwe: RBZ Acts Tough On Mobile Money Platforms

30 September 2019

The Reserve Bank of Zimbabwe (RBZ) has effectively ordered mobile money service providers to stop forthwith the cash-in, cash-out and cash back facilities on mobile money platforms, in a bid to curb rampant illicit money trading activities on the market.

The intervention comes at a time the country's leading mobile money platform by subscription, Ecocash is being abused by enterprising money traders, setting exorbitant cash premiums as high as 60 percent in recent weeks.

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