The Reserve Bank of Zimbabwe has directed all banks to temporarily lower daily and monthly ZIPIT limits. We present below the central bank’s directive.
Temporary Downward Review of ZIPIT Limits to ZW$20,000 per Day and ZW$100,000 per Month
The FIU has noted that the existing ZIPIT transaction limits which have no monthly cap are being misused, primarily for illicit foreign currency transactions.
Are you in Zimbabwe?
Read Pindula News without data on your phone on freedata.pindula.co.zw
Only Applicable to Econet lines
The current ZIPIT limits of ZW$100,000 per day allow a customer (subject to any bank-specific limits) to move about ZW$3 million per month, using a single account, and much more if he/she is multi-banked and/or uses third party accounts.
The FIU has noted KYC shortcomings in the ZIPIT system that make it difficult for banks, regulators and law enforcement agencies to speedily identify counter-parties to a transaction, or to identify multi-banked users.
Until such time when adequate safeguards are built into the ZIPIT system to minimize the money laundering risk, ZIMSWITCH is directed to implement, with immediate effect, daily and monthly ZIPIT limits of ZW$20,000 and ZW$100,000, respectively.
The limits have been arrived at cognizant of the reality that very few Zimbabweans earn more than ZW$100,000 per day, and those who do have other payment options available for higher value transactions.
For Director General
Financial Intelligence Unit