Zimbabwe’s Mobile Money Operators (MMO) say they will comply with the latest directive by the central bank to shutdown mobile money agents. In addition, the MMOs will also limit mobile money transactions to $50 (Zwl $5,000) per day while users are now restricted to one mobile money account per person. The directive went into effect right after the monetary policy review by the Reserve Bank of Zimbabwe (RBZ) on August 21.
In a sign that MNOs have lost an appetite to fight the RBZ, the mobile money market leader, Ecocash also said funds in “frozen agent accounts will only be liquidated into the affected agent’s formal bank account.” On top of that, the liquidation will “require RBZ approval on a case by case basis.”
Ecocash has previously sought relief against RBZ directives through national courts. However, following changes to the regulations that govern MNOs in July, the RBZ now has an upper hand in its long-running battle against Ecocash.
Nevertheless, while the RBZ appears to be winning, some believe the new restrictions to…