ZCTU SG Speaks On The Effects Of RBZ's Abolishment Of Mobile Money Platforms

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ZCTU SG Speaks On The Effects Of RBZ's Abolishment Of  Mobile Money Platforms

Zimbabwe Congress of Trade Unions secretary-general Japhet Moyo has expressed concern over the Reserve Bank of Zimbabwe’s move to suspend the payment of salaries via mobile money platforms.

Moyo speaks after the RBZ governor, Dr  John Mangudya has said “Agents’ mobile money wallets are abolished with immediate effect,” as they were no longer serving any legitimate purpose.

Mangudya also said going forward, any other bulk payment transactions, such as payment of salaries and wages, should be processed through normal banking channels,” not through mobile money platforms as was the case for the past few years.

Speaking to NewsDay Weekender, Moyo said the Zimbabwean economy is informal, a setup that has resultantly caused many businesses to use mobile money platforms as modes of transactions including the payment of salaries. He added:

The way we have done our business over a period of time, we have just informalised everything, so it was a bit easier to make the payments in that platform. We need to know now how these businesses are going to be affected, especially the recipients, that is, the majority of the workers who have been getting their salaries through these mobile platforms.

Mobile money platforms were initially suspended after the central bank accused them fuelling money laundering.

More: NewsDay



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