Zimbabwe’s central bank has banned the cash-in and cash-out facilities for all mobile money platforms.
In a directive to the respective mobile money platforms issued today by the Reserve Bank of Zimbabwe’s deputy director for financial markets and national payment systems Josephat Mutepfa, the bank said the move was meant to restrict the rampant abuse of these facilities by money dealers.
“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.
“In view of the above, all mobile payment system providers and merchants are hereby directed to discontinue cash-in and cash-out facilities with immediate effect,” said Mutepfa.
The apex bank has also banned the use of all cash-back facilities, saying it was being ‘exploited’.