Zimbabwe bans mobile money platforms and stock exchange

The Reserve Bank of Zimbabwe (RBZ) banned all mobile money transactions as well as trade on the local stock exchange in a bid to slow down the country’s declining currency. Zimbabwe has been struggling with its monetary policy since the 2000s when the United States of America and others imposed trade sanctions. The country banned the use of foreign currencies in 2019 when it reintroduced the Zimdollar.

Mobile money is a commonly used means of payment, with mobile transactions accounting for 84.8% of transaction volumes in 2019. Local company Econet Wireless, which has over 10 million subscribers, stated that it would consult with the government over the measures. Panapress reports that RBZ has since loosened the ban and allowed limited payments for utilities like water and power of up to 5000 Zimdollars.