EcoCash agent has been resumed back into the system, RBZ issued a directive yesterday allowing cashback, cash in and cash out. This is good news to many people as the issue was starting to show the effect on societies, as the percentages had reached 100% if you want to have access to cash.
Cash was being transacted directly as if one was sending the money to someone who is not an agent, while others were making good use of other fin-tech services.
Fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
Below is the information of the directive that was given by the RBZ Governor:
The Directive (NH 01/2019) on cash-in. cash-out and cash.back facilities was issued to protect the transacting public from some mobile banking agents leveraging and abusing the payment ecosystems.
Payment systems by their name play an important role of providing a mechanism or highway to facilitate economic activities in the country. As such, the Reserve Bank continues to promote digital financial services which contribute to financial inclusion and stability.
Cognizance of that, enhanced monitoring mechanisms have been put in place by both Reserve Bank and Payment System Providers to mitigate against abuse of payment systems and ensure abusers are brought to book.
To this end, Payment System Providers and Agents are hereby advised that the cash-out facility is now capped at $100 per transaction with immediate effect. Related to that, existing operational cash in and cash-back limits shall remain.
Furthermore, the Reserve Bank will be injecting cash into the economy without changing money supply. In this regard, banks will exchange existing RTGS balances for cash thus maintaining the monetary, base unchanged.
Financial institutions and Agents are required to strictly adhere to the Know Your Customer KYC and Customer Due Diligence ICDD, principles for all their customers at all times and ensure that there is no abuse of the payment systems
Going forward. the Financial Intelligence Unit shall enhance monitoring of financial activities to ensure compliance.
J P MANGUDYA
2 October 2019 e