Zimbabwe bans mobile money cash transactions

Zimbabwe’s central bank has banned mobile money agencies from facilitating cash withdrawals or deposits. The southern African nation is struggling to deal with a worsening economic crisis and cash shortages. Only very few banks are able to provide depositors with physical cash. Zimbabweans have now resorted to mobile money agencies who are reportedly selling cash at a premium illegally. In  a statement the central bank said “Some economic agents are engaging in illegal activities, abusing the cash-in, cash-out and cash-back facilities thereby compromising the public interest objectives of national payment…

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