RBZ To Clamp Down On ‘Money/Forex Burning’ On EcoCash

Finance and Economic Development Minister Mthuli Ncube has said the Reserve Bank of Zimbabwe (RBZ) is currently reviewing regulations covering mobile money platforms (EcoCash, Telecash and OneMoney) as they are now being used to trade foreign currency illegally.

In a joint press conference held with RBZ Governor John Mangudya on Wednesday, Ncube claimed that the abuse of mobile money platforms by unscrupulous businesses to illegally trade foreign exchange is undermining the economy. He said:

MOBILE MONEY PLATFORMS: While mobile money platforms have made a significant contribution to facilitating trade and payments in the country, they have also become an instrument which is being used by unscrupulous businesses to illegally trade foreign exchange and undermine the economy.

The RBZ is, therefore, currently reviewing all the regulations covering such platforms. In particular, it is intended to:

  • Place limits on daily bulk payer transactions.
  • Ensure compliance with the 2% IMTT on bulk payers.

Additionally, the daily returns being submitted by the mobile platforms to the Financial Intelligence Unit of the RBZ will be scrutinised very carefully by the Currency Stabilisation Task Force to ensure that all transactions are legitimate and are in accordance with the financial regulations in place.

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