Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has warned members of the public against abusing mobile money platforms saying perpetrators will be brought to book.
The remarks were made by POTRAZ’s Director-General Dr Gift Machengete on the World Post Day Commemorations and launch of Gokwe Community Information Centre recently. He said:
Ladies and Gentlemen, let me conclude by saying that inasmuch as the diversity of technology has brought financial inclusion and convenience, I would like to warn all those unscrupulous elements who are conducting illicit activities using the various technologies available to desist from such as we will leave no stone unturned in bringing the culprits to book.
We applaud Government for the various steps taken to counter these nefarious activities, which were driving up the inflation rate in the economy and thus exposing consumers to various vulnerabilities. We will continue to work hand in glove with our colleague regulator, the RBZ to ensure that there is stability in our respective sectors.
His remarks come after the Reserve Bank of Zimbabwe has blocked all mobile money agents (Ecocash, OneMoney and Telecash) on allegations that they were fueling money laundering in the country.
Coincidentally, since the ban on mobile money agents, the foreign currency exchange rate has stabilised.
As Dr Machengete observed, however, a large sector of the Zimbabwean population is now financially excluded as they relied on mobile money platforms for financial transactions mainly because of their farness from financial institutions.