Zimbabwe Bans Mobile Money Platforms

Harare-Zimbabwe has with immediate effect banned mobile money transfers as the local dollar continues on a free fall.

The move has received widespread condemnation from members of the public as it had been the second way of electronic cash transfer after plastic money.

With continued cash shortages at Banks, the latest move further compounds misery to an already burdened society.

A survey on the streets of Harare by this publication revealed that people were in a panic though the platforms were still working.

“It’s shocking, imagine I have ZWL$5000 in my mobile wallet and we wake up to this development. It’s absurd the system is insincere. What happens to the money in our mobile accounts? This is just nonsense” said 60 year old Ngonidzashe Maipe

Another resident said “Its better to just say Zimbabwe is closed because closing the mobile money platforms is like killing people. I thought it was the old story of fake news only to realise its true.

An economist who spoke on condition of anonymity said the Mnangagwa administration is clueless.

“The regime is clueless, look at how it was announced. It came from the Information Permanent Secretary and tomorrow you will hear a different story from the Ministry of Finance. Then on Monday you hear the central bank issuing a contradicting statement.

“Policy inconsistency coupled with corrupt minds has really put Zimbabweans in a precarious position. Imagine someone in Uzumba failing to cash out his or her money simply because an individual from some leafy suburbs of Harare has just thought inflation is rising because of mobile money transfers. The move will see the forex trading rate for cash rising to alarming levels watch the space” said the economist.

Zimbabweans had adopted the use of mobile money transfers with most transactions carried out mainly from Ecocash and of late One Wallet.

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