Money changers in the country are finding the going tough following the ban on mobile money agent lines and the introduction of daily transaction limits.

The Reserve of Zimbabwe recently banned mobile money agent lines as well as set $5 000 as the cap for daily transactions for individuals.

The central bank also introduced a policy that limits mobile wallet users to only one account per individual.

Agent lines were being used across the country to cash-in and cash-out as well as for sales transactions.

The RBZ suspected that some of the lines were being used to fuel the black market causing a spike in foreign currency rates.

Government in June this year ordered the suspension of mobile transactions to allow for investigations in the parallel market.

“Agent wallets are no longer serving any legitimate purpose and were now being used primarily for illegal foreign exchange transactions.

Agents’ mobile money wallets are therefore abolished, with immediate effect,” the RBZ said recently in its Mid-term monetary policy statement.

When Ecocash was first introduced agent lines were used for cash-in purposes at a low level.-New Ziana