The Reserve Bank of Zimbabwe banned all mobile money transactions as well as trace on the local stock exchange in a bid to slow down the country’s declining currency. Zimbabwe has been struggling with its monetary policy since the 2000s when the US and others imposed trade sanctions. The country banned use of foreign currencies in 2019 when it reintroduced the Zimdollar.
Mobile money has become the most widely used means of payment, with mobile transactions accounting for 84.8% of transaction volumes in 2019. Local company Econet Wireless, which has over 10 million subscribers stated that it would consult with the government. Panapress reports that RBZ had loosened the ban and allowed limited payments for utilities like water, power and airtime of upto 5,000 Zimdollars.