Personal FinanceTop Stories

Govt suspends all mobile money transactions

GOVERNMENT has, with immediate effect, suspended all monetary transactions on phone-based mobile money platforms to facilitate investigations that will lead to the arrest and prosecution of people responsible for sabotaging the economy.

In a statement this evening, Secretary for Information, Publicity and Broadcasting Services, Mr Nick Mangwana, said the measures will include the suspension of all trading on the Zimbabwe Stock Exchange.

The suspension will be in place until mobile money platforms have been reformed to their original purpose and when all the present phantom rates have converged into one “genuine rate that is determined by market forces under the foreign currency auction system which was launched by the Reserve Bank of Zimbabwe” on June 23.

Operational modalities and details of the envisaged measures will be announced by the relevant monetary, regulatory and law enforcement authorise in the next few days.

Government will ensure that prudent measures are put in place to mitigate and prevent any collateral damage that the interventions may cause to the innocent public that was using the mobile money platforms.

Read the following statement:

ALSO ON ZIMVOICE:
ZIMRA now charges duty on groceries sent from SA
Tags
Back to top button
Close
Close

We've noticed that you are using an ad blocker.

Advertising helps fund our journalism and keeps Zimbabwe Voice News truly independent. It helps us pay our news team, technical team as well as third parties that help keep this site up and in good shape. Please help us by turning off your ad blocker. Thank you!