EcoCash, Zimbabwe’s largest mobile money platform, has increased its transaction limits by an average of 230%.
According to a transaction schedule released by the EcoCash Holdings unit, mobile money users can now send;
1). up to ZW$350 000 a month, up from ZW$280 000.
2). up to ZW$75 000 a day, from ZW$10 000.
3). up to ZW$350 000 in four batches of ZW$75 000 in a day.
Merchant payments have been increased by 50%, to ZW$600 000 per month up from ZW$400 000.
EcoCash customers who want to exhaust the ZW$600 000 limit in one day may conduct four successive transactions of ZW$150 000.
Daily transaction limits for merchant payments were raised from ZW$50 000 to ZW$150 000.
Some Context:
The review comes when mobile money users were complaining that the transaction limits were too low considering the pace at which the prices of goods and services were rising in the country.
According to ZIMSTAT, the Total Consumption Poverty Line (TCPL) for Zimbabwe stood at $27 297.53 per person in September 2022, and ZW$136 487.65 (US$219.78) for a family of five.