Zimbabwe’s Central Bank has raised the limits for mobile money and electronic transactions. This change is meant to address the rising inflation and adjustments in the official exchange rate.
Due to high inflation, both consumers and businesses have been struggling, even with the introduction of the ZiG currency to help stabilize things.
The new limits aim to make it easier for people to buy goods and services using Zimbabwe’s gold-backed digital currency, the Zimbabwe Gold (ZiG).
Starting now, mobile money users can transfer up to ZIG 4,800 a day between people, which is an increase from the previous limit of ZIG 2,400.
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The monthly limit has also gone up from ZIG 8,000 to ZIG 16,000.
Limits for payments from individuals to businesses and ZIPIT transfers have also been raised.
For businesses, the amount they can transfer electronically for trade payments has increased.
The limit for batch payments has gone from ZIG 280,000 to ZIG 560,000, and the single transaction limit has increased from ZIG 24,000 to ZIG 48,000. Payments from businesses to individuals can now reach ZIG 160,000 per batch, up from ZIG 80,000.
The Reserve Bank of Zimbabwe (RBZ) stated that they will continue to monitor these limits and make changes as necessary to keep the economy stable and encourage less use of cash.
