Zimbabwe clamps down on mobile money apps - TechCentral

Zimbabwe clamps down on mobile money apps

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

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