RBZ Governor Mangudya Greenlight’s Access Forex Local Transfers

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Reserve Bànk of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya has made a u-turn reversing his earlier suspension of the country’s fastest growing domestic and international money transfer platform Access Forex.Dr Mangudya gave a greenlight for the company to return back in the business of local remittances after a few days of suspension due to pending Exchange Control regulatory approvals.

“We write to acknowledge receipt of your letter dated 22 February wherein Access Forex is seeking exchange control authority to engage in domestic foreign currency money transfer business (city to city). We also make reference to our letter of suspending this product until regularisation of the same with Exchange Control,” the RBZ letter says.

“Having evaluated your submission, we advise that Exchange Control has no objection to Access Forex registered under Licence number ADLA1/11/00/2022, engaging in domestic foreign currency money transfer business. This is over and above the international money transfer business that the institution is already undertaking as a registered Money Transfer Agent (MTA).

“The approved domestic money transfer activities must be done in line with the domestic foreign currency transfer framework issued by Exchange Control and in full observance of the Financial Intelligence AML/CFT Directive PFIU 02/05/21 (attached) which provides guidance for the requisite AML/CFT measures and transactions limits for this product.

“You are therefore required to fully acquaint yourself with the provisions of this important directive to avoid any regulatory breaches.

“Administratively and in order to foster an orderly and transparent domestic foreign currency transfers and for monitoring and transparency purposes, the institution, shall report, on a real time basis, all domestic foreign currency transfer transactions to Exchange Control through the Reserve Bank of Zimbabwe’s Bureaux de Change Transaction Reporting System. Please refer to Annexture 1 for guidance on reporting all these transactions.”

This comes after the Reserve Bank of Zimbabwe Governor gave the company the green light to resume domestic foreign currency remittance activities after processing its licensing update application.

In an official communication seen by journalists after Access Forex’s public notice to its clients, the RBZ Governor said that the company has now fulfilled exchange control compliance issues and can now go back to the market to trade freely.