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Mutsawashe Mashandure
Herald Correspondent
The Reserve Bank of Zimbabwe has announced new transactional limits for mobile money and electronic funds transfer platforms in a move that is set to boost financial security and streamline transactions within the country’s digital economy.
In a statement issued on Friday, the RBZ said the hike aims to support the public’s access to goods and services in the country through the usage of the gold-backed Zimbabwe Gold (ZiG).
“Mobile money users will now have their daily limit for person-to-person (P2P) transfers increased from ZiG2 400 to ZiG4 800, with the monthly limit hiking from ZiG 8 000 to ZiG16 000,” reads the statement.
RBZ also raised limits for person-to-business (P2B) payments and ZIPIT transfers.
“For businesses, electronic funds transfer (EFT) limits for trade payments have increased, with the batch cap rising from ZiG280 000 to ZiG560 000 and single transactions are up from ZiG24 000 to ZiG48 000,” reads the statement.
Business-to-person (B2P) payments now allow up to ZiG160 000 per batch, up from ZiG80 000.
The RBZ said it will monitor and adjust limits when the need arises to maintain economic stability and support a shift to a cash-lite economy, which is a gradual transition away from cash and towards digital payments.
Tinaye Agere
Online Reporter