Zimbabwe Partially Closes Down Mobile Money
The Zimbabwe government accuses mobile money operators of fueling the exchange rate collapse and therefore issued a shutdown notice, which the Central bank later revised. The regulation now restricts people from having their mobile money wallets funded by agents and merchants. Mobile money can only be funded by recognised banks. The daily limit is restricted to about USD50 equivalent for online and shop purchases per day by mobile wallet users. 95% of online payments in Zimbabwe is done by mobile money and not by credit cards or bank transfers. Allowing only the banks to operate mobile wallets will also discriminate – most people with mobile money wallets do not have bank accounts.
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