Cash In and Cash Out ban divides RBZ

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HARARE- The recent ban on mobile money cash-in, cash-out and cash back facilities has divided the central bank , TechMag.TV can exclusively reveal.

Insiders told this publication that the majority of senior executives at the Bank were against the directive issued on Monday, as it is contrary to the spirit and vision of financial inclusion and moving towards a cashless economy.

“The idea was reached prematurely by some senior executives without much consultation. It was based on emotions and mounting pressure from the general public and certain senior political figures.

However, it would not be a surprise when you see the directive being relaxed again,” said a source who requested anonymity.

Econet agents have been charging customers exorbitant transactional charges, way above stipulated charges for Cash In, Cash Out transactions due to cash shortages.

In Harare, most Econet agents were demanding 50% or the amount one needed to Cash Out. However, following the ban most agents have retreated from the streets while others are still in a wait and see mode.

Meanwhile, Econet on Tuesday filed an urgent High Court application for a temporary interdict. In the application the telecom service provider indicated that the majority of the mobile money facilities are rural customers constituting mobile 6million registered customers while urban customer are 4million, according to figures cited in the application.

This, however, is expected to be the company’s entry point which on financial inclusion and financial marginalisation, given that Government has a soft spot for rural dwellers hence, the reversal of the RBZ directive.

The case is expected to be heard on Wednesday.

1 Comment
  1. Dikembe Mutombo says

    Rubbish.. Absolute rubbish..

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