Zimbabwe lifts ban on mobile money for cash transactions

The Reserve Bank of Zimbabwe (RBZ) has lifted a ban on mobile money to cash transactions following public outcry. The RBZ had on 30 September issued a directive to mobile payment system providers and merchants that effectively froze cash in and cash out transactions, citing high charges on the services.

Zimbabwe has had a currency crisis since early 2000s due to trade sanctions by the USA and other international partners. Inflation had risen to 300% as of August 2019. With the cash shortages, mobile money use  has peaked in the country with local mobile network operator Econet commanding 95% of the market.