Zim freezes over 50K accounts transacting more than US$2000 monthly

indafrica May 8, 2020
Updated 2020/05/08 at 6:43 AM

The Reserve Bank of Zimbabwe (RBZ) has issued a directive ordering mobile money companies to freeze all accounts transacting more that zw$100 000 (equivalent of US$2000) per month to be frozen.

The RBZ defends its decision by claiming that some of these accounts are being used by black market foreign currency exchange dealers.

Ecocash which appears to be the biggest and most used mobile money transfer company has issued a statement that regarding the issue, notifying their customers that they are just acting according to an order.

More than 50 000 accounts risk being frozen if this exercise is carried out successfully.

Econet however assured its customers that they are not behind any of this.

Below is statement from Ecocash :

Notice to Customers & Agents

EcoCash wishes to advise that we received a directive from the Reserve Bank of Zimbabwe and the Financial Intelligence Unit of Zimbabwe to the effect that all Agents with transaction limits of over ZWL$100.000 per month should have their accounts frozen with immediate effect, except for:

– Banking Institutions
– Bureaux de change
– Listed Companies (Zimbabwe Stock Exchange Listed Companies)
– International Organisations
– Microfinance Institutions
– Government and Quasi-government Institutions.

This directive will impact Agent business operations as Agents will not have access to their float funds as well as liquidations.

EcoCash was not consulted on this directive. We, therefore, did not provide any input into it.

The directive will not only impact the affected Agents but also the transactions they do with over 53,000 other EcoCash Agents and consequently our 11 million customers countrywide who rely on the Agent network.

Agent-reliant transactions to be affected are;
Airtime sales,
Customer registrations,
Prepaid electricity sales,
Kindly note that all other EcoCash transactions are not affected by this directive.

We will provide you with an update on any further developments.

Cassava Smartech

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