The Reserve Bank of Zimbabwe increased mobile money limits more than a week ago. But it remains to be seen how much of the details the public is actually aware of.
The limits review, announced by the bank’s governor Dr John Mangudya in his Monetary Policy Statement, set new limits for send money transactions at ZW$10 000 per transaction, up from ZW$5 000, with a cap of ZW$70 000 per week. The previous limit was ZW$35 000.
Payments in supermarkets and bills were increased from ZW$20 000 to ZW$25 000 per transaction, with a cap of ZW$100 000 per week.
The new send money transaction limits mean a person can now send ZW$10 000 in one transaction, from their EcoCash, OneMoney or Telecash wallet, to another person on mobile money.
They can do this seven times, until they send up to ZW$70 000, in one transaction after the other! However, after reaching their weekly limit of ZW$70 000, they will not be able to send money again, until the limits are reset at midnight on Saturday. On Sunday, they can send another ZW$70 000 in batches of ZW$10 000, which means they can send ZW$140 000 in two days (on Saturday and Sunday).
The new limits basically means one can do send money transfers of up to ZW$280 000 per month!
For payment transactions, the new limits mean consumers can now buy goods in shops and supermarkets using mobile money, for up to ZW$25 000 in one transaction. They can also pay their hospital bills, buy ZESA tokens, pay school fees and other services, in single transactions of up to ZW$25 000. Any additional amount above ZW$25 000 can be paid in additional transactions, up to a limit of ZW$100 000 for a period of a week.
It means that the new monthly payment transaction limits are actually ZW$400 000 per month!
What more, the combined send money transfers of up to ZW$280 000 per month and the payments transaction limits of ZW$400 000 per month, mean that one can now do mobile money transactions per month of up to ZW$680 000!
ZW$680 000 per month is quite high, compared to the previous monthly limit of ZW$140 000.
Yet it appears many mobile money users are currently not aware of these new transaction limits.
It also seems that EcoCash, OneMoney and Telecash are missing out on an opportunity to educate their customers on the new mobile money transfer limits, which some have argued are still too low.
It would really be great for customers to know the new limits and how they work.
