Zimbabwe has blocked the majority of mobile money transactions and suspended the country’s stock exchange as it seeks to stabilise its currency.
On Friday (June 26th), Information Secretary Nick Mangwana halted “monetary transactions” made via the country’s four major mobile money providers EcoCash, MyCash, One Money and Telecash. The move prompted outcry, with merchants unable to honour any transactions apart from for goods, services or utilities, and a daily limit of ZWD5,000 ($13.82) imposed on all accounts.
The Zimbabwe Reserve Bank has clarified that mobile money users are not the intended targets of the restrictions, and that utilities payments can continue, although withdrawals must be processed through the country’s banking system. The government is shutting down bulk payments and mobile money agents, as well as transactions between merchants. Read the complete article HERE.