Reserve Bank of Zimbabwe bans cash in, cash out & cash back faciliities

The Reserve Bank of Zimbabwe (RBZ) has banned the cash-in ,cash-out  and cashback facilities for all mobile money platforms, in a quest to curb the abuse of these facilities by money dealers.  These activities include buying and selling of hard cash through mobile money agents like ecocash and telecash, at rates above the approved charges

The directive was issued today by the central bank’s deputy director for financial markets and national payment systems Josephat Mutepfa.