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. On Monday 30th, September RBZ had 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 the early 2000s due to trade sanctions by the US and other international partners. Inflation had risen to 300% as of August 2019. With the cash shortage, mobile money has picked up in the country, with local mobile network operator ‘Econet Wireless’ commanding 95% of the market.