RESERVE BANK OF ZIMBABWE BARS CASH –IN AND CASH OUT FACILITY
RESERVE BANK OF ZIMBABWE BARS CASH –IN AND CASH OUT FACILITY
The Reserve Bank of Zimbabwe has with immediate effect banned the cash in, cash out and cash back transactions facilities that were being abused unscrupulous business people and individuals to swindle members of the public.
In a statement just released, the apex bank said the move was in terms of Section 10 of the National Payment Systems Act Chapter 24’23. 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 the national payment systems in the economy. In view of the above, all mobile payment systems in the economy.
In view of the above, all mobile systems providers and merchants are hereby directed to discontinuecash in and cash out with immediate effect, said part of the statement. The charging of commissions outside the approved framework had resulted in members of the public being charged as much as 60% charges to access cash.
Calls for the government to take action have been growing as some business people were also charging goods and services on different pricing system depending on the payment, thereby severely depleting citizen’s income.
