The Reserve Bank of Zimbabwe (RBZ) has permanently abolished mobile money agents lines. This means that EcoCash, OneMoney and TeleCash agents are officially a thing of the past.
The development was announced in the Monetary Policy Statement published by the Central Bank earlier on Friday.
The same document also outlines that mobile money wallets will now be limited to one per individual. The statement read in part:
Agent wallets are no longer serving any legitimate purpose and were now being used primarily for illegal foreign exchange transactions. Agents’ mobile money wallets are therefore abolished, with immediate effect.
Monetary Policy Statement 2020
The central bank claims agents with funds in suspended/frozen accounts will be allowed to move the money to their bank accounts.
However, the funds will be moved on one condition. The Financial Intelligence Unit will first “determine the legitimacy of the source of funds.”
Since the cash crunch started four years ago, mobile money agents had become notorious for charging a premium for cashing-out (withdrawals).
It is estimated that 50 000 agent lines are in existence, the bulk of the lines belonging to EcoCash.