Technomag has urged the Reserve Bank of Zimbabwe to remove Ecocash withdrawal limits currently pegged at $100 saying that they were causing unnecessary pain to the general populace.
The limits in question were introduced by the central bank in the third quarter of last year and they were premised at addressing money-laundering issues.
Technomag, a local technology magazine, however, is of the view that the move is not only ineffective in achieving intended goals but is also an unnecessary burden to members of the public. The online publication said:
Thousands of Zimbabweans are still cashing out or receiving payments amounting thousands from agents on those $100 batches, which is more taxing to the ordinary citizens as they are now under much more charges than before, yet still desperate to get the cashouts or direct payments.
The cash crisis was not created by Ecocash or mobile money agents, and trying to cut down the access limits is not part of the solution but introducing a new problem on already burdened consumers who are still struggling to make ends meet.
The publication further recommended the provision of adequate cash by banks as a sustainable solution to money-laundering.
Technomag added that the high demand for cash is because “Zimbabwe uses a three-tier pricing system, and buying goods with cash is way too cheaper than using swipe or EcoCash.”