Zimbabwe’s mobile operators have suspended all RTGS transactions on their mobile money platforms following the introduction of the new currency Zimbabwe Gold (ZiG) on Friday.
According to the Reserve Bank of Zimbabwe (RBZ), ZiG is a structured currency that is backed by gold and foreign currency reserves.
How to Change Your Zimbabwe Dollars to ZiG
The new central bank governor, Dr John Mushayavanhu, announced that all Zimbabwe dollar balances would be converted into the new currency, which will be recognized as legal tender alongside other foreign currencies.
ZiG has taken the place of the Zimbabwe dollar, which had seen its value plummet to $33,000/US$1 on the interbank market and exceed $40,000/US$1 on the open market. All Zimbabwe dollar balances will now be swapped to ZiG at the official rate, which currently stands at 13.56 to the US dollar.
For those without bank accounts, there’s an opportunity to exchange their Zimbabwe dollar notes at POSB and AFC Commercial Bank within 21 days after April 5, 2024.
One Money Suspends All Zim Dollar Transactions
From ZWL to ZiG: Zimbabwe Announces New Gold-Backed Currency – Here Is What You Need To Know
In response to these developments, NetOne, the second-largest mobile operator in Zimbabwe, released a statement on Friday evening announcing the suspension of all Zimbabwe dollar transactions on its mobile money platform, One Money. The purpose of this suspension is to facilitate the transition to ZiG. However, specific details regarding the impact on clients’ Zimbabwe dollar balances or the timeline for ZiG transactions were not provided.
“Please be advised that ALL ZWL transactions have been suspended to facilitate transition to ZiG as per the provisions of the Monetary policy of 5/04/2024,” NetOne said in a short announcement.
EcoCash Suspends All Zimbabwe Dollar Transactions
Econet, Zimbabwe’s largest mobile phone operator, also confirmed the suspension of all Zimbabwe dollar transactions on its mobile money platform, EcoCash. However, they did not specify when ZiG transactions would be implemented, stating that they would inform customers when normal service is restored.
“Due to a currency switchover exercise, all ZWL transactions are currently unavailable on EcoCash. We will advise when normal service has been restored. All USD services are working well. To transact in USD, dial *151# or *153#. We apologize for the inconvenience this may cause,” EcoCash said.
