Chronicle Editor
Nqobile Tshili, Chronicle Reporter
ECOCASH clients can now send up to $5 000 in a single transaction, up from $1 000, as the Reserve Bank of Zimbabwe (RBZ) approved new daily and monthly limits for mobile money transfers.
For customers linked to a bank or debit card the transactions increased from $10 000 to $20 000 for monthly’s limits while daily limits moved from $2 000 to $5 000.
Clients linked to a debit card had monthly limits increasing from $25 000 to $35 000 while their daily limits increased from $2 000 to $5 000.
For those with a bank card the monthly limit shot up from $100 000 to $150 000 for monthly’s transactions while daily transactions increased from $10 000 from $25 000.
In a monthly transaction limits, executive grade customers restriction increased from $100 000 to $250 000 while the daily restriction increased from $10 000 to $30 000.
To send money, the limits increased from $1000 to $5000 while merchant charges limits jumped from $3 000 to 10 000 with bill payments increasing from $2 000 to 10 000.
Econet Zimbabwe Media and Corporate Affairs Executive Mr Fungai Mandiveni said the limits on transactions are in line with the inflationary environment in the country.
He dispelled claims that the changes were influenced by coronavirus (Covid-19) while acknowledging the need for people to avoid using cash.
“The EcoCash transaction limits are regulated by the Reserve Bank of Zimbabwe which from time to time works with particular mobile money operators to review them in line with the obtaining operating environment,” he said.
“You remember when we introduced Ecocash, the limits were from $100 or $500 but they kept reviewing them. They increase them in line with the operating environment so that is what happened. We applied for these increase some time back before coronavirus actually.”
Mr Mandiveni said in increasing the transaction limits, Ecocash wants to ensure that there is convenience for their customers who were making multiple transactions just to make a single purchase.
He said however it was safer for members of the public to transact electronically in the wake of Covid-19.
“It’s safer than handling cash or having to a Point of Sale machine while making transactions. By online we don’t just men Ecocash but any electronic transactions that will keep you self from exposing yourself from the virus. It could be TeleCash or anything other,” he said.
Local banks have also encouraged customers to use plastic money to minimise the risk of using cash which could be coronavirus infected.
Some countries have also encouraged the usage of plastic money to curb the spread of pandemic which has killed more than 10 000 people while infecting more than 300 000 globally.
-@nqotshili
Online Reporter