Home LOCAL NEWS FULL TEXT- RBZ Issues Fresh Directive On Ecocash Transactions

FULL TEXT- RBZ Issues Fresh Directive On Ecocash Transactions

FLOODGATES OPENED AS MAN RECEIVES $1000 MIRACLE ECOCASH MONEY FROM 'ANGEL GABRIEL'

FULL TEXT- RBZ Issues Fresh Directive On Ecocash Transactions

The Reserve Bank of Zimbabwe has reportedly directed mobile money agents to stop providing Cash-in, cash-out and cash-back services.

FLOODGATES OPENED AS MAN RECEIVES $1000 MIRACLE ECOCASH MONEY FROM 'ANGEL GABRIEL'

A statement circulating suggests that the move was taken to stop money laundering.

We present the full text below.

It has come to the attention of the Reserve Bank of Zimbabwe that some economic agents are engaging in illegal activities abusing the cash-in, cash-out and cash-back facilities thereby compromising the public interest objectives of national payment systems in the economy.

Notable activities include the buying and selling of cash through mobile money agents at high rates above the approved charges for cash-in and cash-out with some economic agents not banking cash sales under the disguise of cash-back services.

The charging of commissions outside the approved framework adversely affects the smooth operation of payment systems and have the negative effect of distorting pricing of goods and services.

In view of the above, all mobile payment system providers and merchants are hereby directed to discontinue cash-in and cash-out with immediate effect.

Furthermore, all economic agents arc, with immediate effect. directed to discontinue cash-back facilities.

Banks, mobile payment system providers and other economic agents arc reminded of the need to ensure that the entire ecosystem operate within the confines of law and enforce compliance.

Please be guided accordingly.

J. Mutepfa (Mr.) DEPUTY DIRECTOR FINANCIAL MARKETS, NATIONAL PAYMENT SYSTEMS 30 September 2019

YOU MIGHT LIKE…

THESE 8 PICTURES FROM KIKKY BADASS WILL GIVE YOU A FEVER

You might not have heard of the name Kikky BadAss but in a matter of days, she will definitely be in your face, phone,iPad and laptop.
THESE 8 PICTURES FROM KIKKY BADASS WILL GIVE YOU A FEVER

 

She’s Zimbabwean and turning heads in the entertainment industry…more here

Trending On ZIMetro News. . .

Lady Squanda In Armed Robbery

. . . chanter, gang use pepper spray Zimdancehall artiste Lady Squanda was on Tuesday arrested together with four suspected robbers in connection with a robbery case in Zengeza. Lady Squanda In Armed Robbery Born Sandra Gazi, the chanter is said to have surrendered herself to police yesterday after she fled from her house where suspected robbers had taken...read full story