Breaking: RBZ lifts ban on Ecocash after threat, Limit it to $100

The Reserve bank of Zimbabwe has issued a statement on Cash in ,Cash out and Cash back facilities.

RBZ stated that the (NPS O1/2019) on cash in,cash out and cash back facilities was issued to protect the public from some mobile banking agents leveraging and abusing the payments ecosystems.

RBZ stated that it will continue to promote digital financial services which contribute to financial inclusion and stability thus payment system still plays an important role in facilitating economic activities in the country.

RBZ expressed that measures are in place to deal with abusers of the ecocash ecosystem.

RBZ advised that Payment System providers and Ecocash agents are to issue $100 cash out with immediate effect .

RBZ stated that banks will exchange existing RTGS balances for cash thus maintaing the monetary base unchanged.