RBZ Troubled By Agents Selling Cash

The Reserve Bank of Zimbabwe (RBZ) says that it’s troubled by agents selling cash (through charging higher charges) and its working on a solution to curb this practice. According to The Herald’s report, RBZ Head of Oversight and Risk Management Douglas Muranda said:

The issue of high (cash out) charges is giving us headaches too.
It’s illegal and it’s not allowed.
We hope the situation would be addressed soon, but we are grappling with it.

The illegality of this practice has never been ambiguous. However, it’s what’s being currently done by the RBZ to curb the selling of cash by mobile money agents that matters most and that’s what we now want to hear. The same goes for EcoCash- we would want to know what it’s doing to solve the problem instead of just issuing notices advising customers to report agents charging premiums.

RBZ is also advising victims who are charged high mobile money/EcoCash charges to report the mobile money agents to the Financial Intelligence Unit, its department which deals with money-related crimes.

It’s an illegal practice and people can report businesses that put a percentage on cash out transactions to the RBZ department called Financial Intelligence Unit.

As it is, Financial Intelligence Unit has let us down. It’s failing to stem the dangerous black market so tell me, can we bank on it to solve the problem of high EcoCash charges?