The Reserve Bank of Zimbabwe (RBZ) said that it is concerned with the exploitation of the public by unscrupulous mobile money agents when doing cash-out transactions.
Mobile money agents charge up to 40 per cent of the amount one would be cashing out, taking advantage of a severe cash crisis that has lasted for more than three years.
Speaking during a consumer and community engagement outreach programme organised by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), which also featured the RBZ and the Consumer Council of Zimbabwe (CCZ), RBZ head oversight and risk management (National Payment Systems financial market) Douglas Muranda said:
The issue of high (cash out) charges is giving us headaches too.
It’s illegal and it’s not allowed.
We hope the situation would be addressed soon, but we are grappling with it.
It’s an illegal practice and people can report businesses that put a percentage on cash-out transactions to the RBZ department called Financial Intelligence Unit.
You can also report to Ecocash, Telecash and OneMoney.
EcoCash has repeatedly advised its customers to report such unscrupulous agents, yet the practice is so rampant that it has become the new normal.
The agents claim that they cannot access cash from banks or EcoCash, forcing them to buy the cash from cash barons. This “forces” them to sell the cash at a profit through cash-out transactions.