Home BUSINESS Reserve Bank of Zimbabwe Imposes New Limits On ZIPIT Transactions

Reserve Bank of Zimbabwe Imposes New Limits On ZIPIT Transactions


The Reserve Bank of Zimbabwe (RBZ) has imposed new limits on ZIPIT transactions in an effort to throttle the foreign currency exchange black market. The central bank through the Financial Intelligence Unit (FIU) has directed all banks to lower daily and monthly ZIPIT limits.

According to the monetary authorities, the new limits are only temporary although they did not explain when the limits will be lifted and under which conditions. Before the RBZ directive, ZIPIT users could transfer a maximum of ZWL$100 000 per day which translates to ZWL$3 million per month. The RBZ has slashed these transaction limits to just ZWL$20 000 per day and ZWL$100,000 per month.

This follows allegations that the ZIPIT system was being used for illegal foreign currency transactions due to the fact that transactions are instant. This comes after the RBZ froze thousands of mobile money accounts belonging to EcoCash agents. The central bank also imposed strict restrictions on EcoCash and Steward Bank as it battles to cripple the thriving forex black market and stop the deterioration of the Zimbabwe Dollar.

Below is the full communique from the Financial Intelligence Unit which was sent to Cyril Nyatsanza, the chief executive officer of Zimswith Technologies which iHarare is publishing in full.

Temporary Downward Review of ZIPIT Limits to ZW$20,000 per Day and ZW$100,000 per Month

The FIU has noted that the existing ZIPIT transaction limits which have no monthly cap are being misused, primarily for illicit foreign currency transactions.

The current ZIPIT limits of ZW$100,000 per day allow a customer (subject to any bank-specific limits) to move about ZW$3 million per month, using a single account, and much more if he/she is multi-banked and/or uses third party accounts.

The FIU has noted KYC shortcomings in the ZIPIT system that make it difficult for banks, regulators and law enforcement agencies to speedily identify counter-parties to a transaction, or to identify multi-banked users.

Until such time when adequate safeguards are built into the ZIPIT system to minimize the money laundering risk, ZIMSWITCH is directed to implement, with immediate effect, daily and monthly ZIPIT limits of ZW$20,000 and ZW$100,000, respectively.

The limits have been arrived at cognizant of the reality that very few Zimbabweans earn more than ZW$100,000 per day, and those who do have other payment options available for higher value transactions.

W. Kapofu

For Director General

Financial Intelligence Unit

Zimswitch Technologies have quickly moved to implement the directive and have imposed their own limit on ZIPIT transactions to just $ZWL3 000 per transaction and 1 transaction per day.

Below is the communication in which Nyatsanza directs all banks to impose the new ZIPIT transaction limits of just ZWL3 000 per day.


Reference zipit1/2020


We advise that the Financial Intelligence Unit has issued a directive, for Zimswitch to immediately reduce ZIPIT transaction limits to a maximum of $100, 000 per month.

We advise that Zimswitch in compliance with the directive has with immediate effect set a daily limit of 1 ZIPIT transaction per day with a maximum of $3 000 per transaction.

Zimswitch member hanks are hereby directed to apply the same limits on their systems and advised their customers accordingly.

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