DiutoCoinNews

Bitcoin, Cryptocurrency News in Nigeria And Africa

NEWS

Zimbabwe Suspends all Mobile Money Agent Transactions in Other to Control Hyperinflation.

Share this:

Zimbabwe’s central bank has suspended all “mobile money agents” transactions in a bid control to hyperinflation in the country. 

Zimbabwe suspended all transactions carried out by “mobile money agents” this week, and has limited the payment sizes through other processors.

This will affect close to 84.8 percent of all transactions because most mobile money transactions are done through agents around Zimbabwe.

Read Also: The Reserve Bank of Zimbabwe Announces Plans to Establish a Regulatory Sandbox for Cryptocurrency Businesses in Zimbabwe

Residents with money stored in any mobile money providers will need to visit a local bank to withdraw their funds.

In a statement, the Reserve Bank of Zimbabwe said the move is necessary to, “Protect consumers on mobile money platforms which have been abused by unscrupulous and nonpartisan individuals and entities to create instability and inefficiencies in the economy.”

The government of Zimbabwe is struggling to maintain a uniform exchange rate for the Zimdollar pegged $1: ZWL 57 as against the $1:ZWL 95 sold on the streets of Harare. 

This has deeply affected Ecocash, the largest mobile money operator in Zimbabwe. Other top mobile money operators such as One Money, Telecash and MyCash will also be affected.

Zimbabweans are not left out because most of the residents use mobile money services accounting 84.8% of all transaction volumes and 22.6% of value in the last quarter of 2019, according to the country’s central bank. 

Register On Binance

 

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from  DiutoCoinNews.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Diutocoinnews Admin. Send all publications to info@diutocoinnews.com.ng
0
Would love your thoughts, please comment.x
()
x