Reserve Financial institution of Zimbabwe (RBZ) Governor John Mangudya has defended the controversial transfer by the Authorities to droop financial transactions on phone-based cell cash platforms saying the transfer seeks to guard customers who had been being abused by ‘unpatriotic’ people bent on creating instability on the financial system.
The central financial institution boss additionally specified that the transfer has effected the suspension of all service provider transactions apart from receiving funds for items and companies, together with fee of utility payments which have been restricted to ZW$5000 per day.
“These unprecedented measures have been necessitated by the necessity to shield customers on cell cash platforms, which have been abused by unscrupulous and unpartisan people and entities to create instability and inefficiencies within the financial system,” stated the RBZ Governor.
Mangudya stated the most recent developments will see all cell cash brokers being suspended from facilitating cell monetary transactions with instant impact.
He additionally suggested that each one cell cash liquidations ought to be executed by means of the banking system whereas all bulk payer transactions have successfully been suspended.
See the RBZ Assertion connected under: