RBZ hikes limits for mobile money and electronic transactions

ZIMBABWE’S Central Bank has increased transaction limits for mobile money and electronic transfers to align with shifts in the official exchange rate and the effects of rising inflation.

Rising inflation has afflicted the transacting public, consumers and businesses alike which, despite the introduction of the ZiG to stabilise currency, have endured pressures of transaction limits.

In a statement Friday, the Reserve Bank of Zimbabwe (RBZ) said the hike aims to support the public’s access to goods and services in the country’s gold-backed digital currency, Zimbabwe Gold (ZiG).

Mobile money users will now have their daily limit for person-to-person (P2P) transfers increased from ZIG 2,400 to ZIG 4,800, with the monthly limit hiking from ZIG 8,000 to ZIG 16,000.

Limits for person-to-business (P2B) payments and ZIPIT transfers have also been raised.

For businesses, electronic funds transfer (EFT) limits for trade payments have increased, with the batch cap rising from ZIG 280,000 to ZIG 560,000 and single transactions up from ZIG 24,000 to ZIG 48,000.

Business-to-person (B2P) payments now allow up to ZIG 160,000 per batch, doubled from ZIG 80,000.

The RBZ noted that it will monitor and adjust limits as needed to maintain economic stability and support a shift to a cash-lite economy.