The Govt has issued a National Payment Systems Directive banning all cash-in, cash-out and cash back transactions with immediate effect.
Mobile money agents were currently charging 45 percent for all notes cash-out transactions and 40 percent for coins.
In a press statement released today, the Deputy Director of the Reserve Bank Mr J Mutepfa said the move is directed towards mitigating iIlegal charging of commission outside the approved framework thereby distorting pricing of goods and services.
