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FULL TEXT: RBZ Suspends Operating Licenses For Cash Twenty Four & Crediconnect For Engaging In Illicit Foreign Currency Activities

The RZB has released the following statement announcing that it suspended the operating license for Cash Twenty Four And Crediconnect after they reportedly engaged in prohibited forex activities.

Read the full statement below:

Suspension of Operating Licences of Cash Twenty-Four (Pvt) Ltd (Bureau de Change) and Crediconnect (Pvt) Ltd (Microfinance Institution) for engaging in Illicit Foreign Currency Activities

The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public of the suspension, with immediate effect, of the operating licences of the following institutions, licenced and supervised by the Bank:

(a) Cash Twenty-Four (Private) Limited

(b) Crediconnect (Private) Limited.

Cash-Twenty Four is licensed as a bureau de change in terms of the Exchange Control (Authorized Dealers with Limited Authority) Order, Statutory Instrument 104 of 2015 and Crediconnect is licenced as a credit-only (non-deposit-taking) microfinance institution, under the Microfinance Act [Chapter 24:29).

The Bank is in possession of information showing that the two institutions have been engaging in illicit foreign curre, transactions, which have been adversely affecting the economy.

The suspension of the institutions’ operating licences is with immediate effect, pending further investigations. If found guilty, the institutions will be liable to further regulatory action, which could result in cancellation of licence and / or criminal prosecution.

John P Mangudya Governor
9 April 2020

 

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