The Reserve Bank of Zimbabwe (RBZ) has approved the adjustment of transaction fees upwards by Zimbabwe’s largest mobile money operator, EcoCash, TechZim reports.
The publication says its sources have confirmed that the approval was granted on Saturday afternoon, with the new fees coming into effect on Monday, the 27th of January.
The majority of Zimbabweans are now using EcoCash for paying school fees, buying groceries, transferring money, paying tithes and offerings at church and whatnot.
The hike in transaction fees will without a doubt hit harder those at the lower rungs of the economic and social strata.