Ecocash, OneMoney, Telecash To Pay Customers Interest On Daily Balances
The Minister of Finance Professor Mthuli Ncube on Friday gazetted rules which shall see the mobile money transfer services, Ecocash, One Money and Telecash paying their customers interest on daily balances.
The total interest will, however, be credited into the customers’ accounts at the end of each month. The interest will be paid at a rate equivalent to 50 percent of the prevailing yield on Treasury Bills, which is between 13 percent and 15 percent a year or around 0,02 percent a day.
The rate suggests that a person with $100 dollars in his or her account is entitled to 2 cents daily and 60 cents at the end of the month.
Customers receive 75 percent of the Treasury Bill yield if they leave their money in their accounts for 30 days to six months while 90 percent is given to those who lock their money for more than six months.
It has to be noted however that keeping money in those accounts for too long has consequences. Zimbabwe is an inflationary economy and the money will be worthless on the day one would decide to withdraw it.
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