Breaking: RBZ Bans Cash-In, Cash-out & CashBack Facilities On All Mobile Money Platforms

According to ZBC, Reserve Bank of Zimbabwe (RBZ) has reportedly issued a directive instructing EcoCash and other mobile money providers to stop facilitating cash-in and cash-out transactions.

BREAKING: The @ReserveBankZIM has banned all cash in, cash out and cash-back facilities with immediate effect.@GNyambabvu @ZimTreasury @czionline @tarie_mufundisi @EcoCashZW @OneMoneyZw @TelecashZim pic.twitter.com/3qj4aJgW2E
— ZBC News Online (@ZBCNewsonline) September 30, 2019

Here’s the full RBZ directive:

1. It has come to the attention of the Reserve Bank of Zimbabwe that some economic agents are engaging in illegal activities abusing the cash-in, cash-out and cash-back facilities thereby compromising the public interest objectives of national payment systems in the economy.
2. Notable activities include the buying and selling of cash through mobile money agents at high rates above the approved charges for cash-in and cash-out with some economic agentsnot banking cash sales under the disguise of cash-back services.
3. The charging of commissions outside the approved framework adversely affects the smooth operation of payment systems and have the negative effect of distorting pricing of goods and services.
4. In view of the above, all mobile payment system providers and merchants are hereby directed to discontinue cash-in and cash-out with immediate effect.
5. Furthermore, all economic agents are, with immediate effect. directed to discontinue cash-back facilities.
6. Banks, mobile payment system providers and other economic agents are reminded of the need to ensure that the entire ecosystem operate within the confines of law and enforce compliance.
7. Please be guided accordingly.
J. Mutepfa (Mr.) DEPUTY DIRECTOR
FINANCIAL MARKETS, NATIONAL
PAYMENT SYSTEMS 30 September 2019