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    TechCentralTechCentral
    Home » Fintech » Zimbabwe clamps down on mobile money apps

    Zimbabwe clamps down on mobile money apps

    By Agency Staff30 September 2019
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    Zimbabwe’s central bank has clamped down on mobile money, banning the purchase and sale of cash through the services, in the latest directive aimed at gaining control of a monetary system that’s spiraling out of control.

    The directive, which the Reserve Bank of Zimbabwe said was necessary because of commissions charged by agents, follows a 28 September announcement enforcing the use of the Zimbabwe dollar and banning the quoting of prices in foreign currency.

    Ecocash, a mobile-money service operated by Econet Wireless Zimbabwe, has 6.7 million active users in a nation of about 14 million people. It’s the first time since its introduction in 2011 that its users haven’t been able to use the so-called cash-back service.

    Since the Zimbabwe dollar was reintroduced in June its value has plunged to Z$15.19 to the US dollar from an initial rate of Z$2.50.  — Reported by Ray Ndlovu, (c) 2019 Bloomberg LP



    EcoCash Econet Wireless
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