Zimbabwe Central Bank Rescinds Mobile Money Ban

On October 3, the Central Bank of Zimbabwe rescinded its September 20 Directive banning mobile money cash-in/cash-out transactions in an effort to quell illegal premiums being demanded by agents during a period of physical cash shortages.

The response to the physical cash shortage resulted in value drop of the Zimbabwe dollar and shifted attention towards mobile money usage - primarily provided by the EcoCash the dominant nation provider. After mobile money agents reportedly charged up to 50% premiums on digital-physical cash exchanges, leading the central bank to shut down the activity.

 

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